GA SB264

Legalizes parimutuel wagering on horse racing in Georgia and creates the Division of Horse Racing within the Georgia Lottery Corporation to regulate all horse racing and wagering, with the division director required to have at least 10 years of industry experience and subject to Senate confirmation

Limits racetrack owner's licenses to no more than 3 statewide, requires applicants to demonstrate experience operating at least 5 horse racetracks with an average gross parimutuel wagering handle of at least $2 billion per year over the past 5 years, and sets license terms of no less than 20 years with reviews every 3 years

Requires a local referendum approved by majority vote in any county or municipality where a racetrack would be located before an initial license can be granted, triggered either by local governing authority approval or a petition signed by 1% or 1,000 qualified electors, whichever is less

Allocates the parimutuel takeout as follows: 5% for live race purses, 3% to the Georgia Lottery Corporation for HOPE scholarships, 1% to the local governing authority, 0.5% for Georgia Breeders Funds, 0.1% to the UGA College of Veterinary Medicine, and the balance for racetrack operating expenses

Establishes criminal penalties including felonies punishable by 1–10 years imprisonment and fines up to $100,000 for unlicensed wagering operations, bribery, race-fixing, fraudulent use of credentials, and illegal information transmission, and has a contingent effective date of January 1, 2017, requiring ratification of a constitutional amendment authorizing parimutuel wagering in the 2016 general election