NY S68001

Creates the New York Racing Network, Inc., a corporation formed by the franchised thoroughbred corporation, a thoroughbred racing corporation, and harness racing corporations to conduct off-track pari-mutuel wagering and display simulcast horse races including in-home simulcast and internet video streaming with pari-mutuel betting permitted.

Modifies the New York City Off-Track Betting Corporation's board structure from five members to five voting directors and three non-voting directors appointed by the governor and stakeholders, and allows the New York Racing Network, Inc. to assume management control if the corporation fails to pay commissions, achieve positive earnings, or maintain a balanced budget.

Reduces the New York City Off-Track Betting Corporation's payments to in-state tracks on out-of-state wagers by 50 percent in the first fiscal year, declining to 20 percent by the fourth year, with reductions eliminated if annual handle exceeds $620 million.

Reduces pari-mutuel tax payments owed by the New York City Off-Track Betting Corporation to the state by 50 percent, with reductions declining based on total handle amounts reaching up to $640 million annually.

Authorizes video lottery facility operators to offer subsidized free play credits equal to 7.5 percent of total wagered amounts (up to 10 percent for certain tracks) as a promotional tool, excluding these credits from revenue calculations.