HB574:

Horse racing; certain amount from wagers to be deposited in Problem Gambling Trust & Support Fund.

Bill Summary:

Wagering on historical horse racing; licensee retained funds for distribution to Problem Gambling Treatment and Support Fund and localities. Provides that with respect to the first 3,000 authorized terminals, 0.01 percent of the amount that a horse racing licensee retains from wagering on historical horse racing pools shall be deposited in the Problem Gambling Treatment and Support Fund. The bill reduces from 0.75 to 0.74 the percentage of such retained amount that accrues to the general fund. The bill also provides that with respect to the 2,000 terminals authorized by the 2020 Session of the General Assembly, a horse racing licensee shall retain 1.6 percent from wagering on historical horse racing pools, to be distributed as follows: 0.95 percent of such retained amount to the Commonwealth as a license tax, 0.01 percent to the Problem Gambling Treatment and Support Fund, and (i) if generated at a racetrack, 0.64 percent to the locality in which the racetrack is located or (ii) if generated at a satellite facility, 0.32 percent to the locality in which the satellite facility is located and 0.32 percent to the Virginia locality in which the racetrack is located.