SB 1072 Summary

• Requires thoroughbred associations and fairs to deduct an additional 2% on exotic wagers requiring selection of 2 interests and 3% on exotic wagers requiring selection of 3+ interests, with funds distributed to purse accounts to augment overnight purses.

• Authorizes exchange wagering (peer-to-peer wagering on horse races) subject to California Horse Racing Board licensing and regulation, with implementation prohibited before May 1, 2012, and establishes required rules including prohibitions on insiders laying their own horses and restrictions on casino-themed displays.

• Extends statewide marketing organization provisions through January 1, 2014 (previously expiring January 1, 2011), reducing satellite wagering facility distributions from 0.4% to an initial 0.2% (maximum 0.25%) for marketing and promotion activities.

• Requires Breeders' Cup host tracks to set aside exotic wager takeout amounts for promoting and sponsoring the Breeders' Cup Championship series, with written reporting to the California Horse Racing Board on fund utilization.

• Distributes up to 0.05% of satellite wagering facility handle to a nonprofit organization designated by the board for maintaining a horse racing information database.