SB 18-182

Senate Bill 18-182, also known as the Source Market Fee Allocation To Horse Purse Fund bill, allows the director of Colorado’s racing division to allocate a portion of fees collected from out-of-state entities that accept bets on horse races from Colorado residents. This money will be used to support horse race purses in live race meets within Colorado, helping to maintain competitive and sustainable prize structures for local races. The bill has been signed into law, meaning it is now active and its provisions are being implemented to benefit the state’s horse racing industry.

Official Summary

Current law requires persons outside of Colorado who accept wagers from residents of Colorado on simulcast horse racing events to be licensed in Colorado and to pay a source market fee into the racing cash fund. The bill authorizes the director of the division of racing events to allocate a portion of the source market fee to be paid to any horse purse trust fund established pursuant to existing law, if necessary, to maintain a sustainable and competitive purse structure in Colorado. The money credited to a horse purse trust account from the source market fee is to be paid out as purses for races held at live race meets in Colorado, as authorized by the director, or as otherwise authorized by rules of the commission. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More

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