61D-7.014: Pick (N) Pools
PURPOSE AND EFFECT: The purpose and effect of the proposed rule will be to implement Florida Statutes pertaining to the calculation and distribution of pari-mutuel wagering activity on wagering pools.
SUMMARY: Amends rule regarding pool calculation and distribution requirements for pari-mutuel wagering activity on Pick (N) wagering pools by giving pari-mutuel permitholders increased flexibility to offer “uncapped” jackpot wagers to the public.
OTHER RULES INCORPORATING THIS RULE: Rule 61D-7.017 incorporates Rule 61D-7.014, F.A.C.
EFFECT ON THOSE OTHER RULES: None
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:
The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the agency.
The Agency has determined that the proposed rule is not expected to require legislative ratification based on the information expressly relied upon and described herein: the Division of Pari-Mutuel Wagering conducted an analysis of the proposed rule’s potential economic impact and determined that it did not exceed any of the criteria established in section 120.541(2)(a), F.S.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
RULEMAKING AUTHORITY: 550.0251(3), 550.155(1), 550.495(4) FS.
LAW IMPLEMENTED: 550.0251(7), 550.155 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: January 9, 2012, 1:30 p.m. – 3:30 p.m.
PLACE: Hurston Building, North Tower, 400 West Robinson Street, Suite N-901, Orlando, Florida 32801-1736
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Mary Polombo at (850)717-1098. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Mary Polombo, Clerk, Division of Pari-Mutuel Wagering, 1940 North Monroe Street, Tallahassee, Florida 32399-1035
THE FULL TEXT OF THE PROPOSED RULE IS:
61D-7.014 Pick (N) Pools.
(1) through (2)(a) No change.
(b) Pick (N) with Jackpot Carryover and Minor Pool. The major share of the net Pick (N) pool (percentage designated by Permitholder) and the jackpot carryover, if any, shall be distributed to those who selected the first place finisher in each of the Pick (N) contests, based upon the official order of finish. The minor share of the net Pick (N) pool shall be distributed to those who selected the first place finisher in the second greatest number of Pick (N) contests, based upon the official order of finish. If there are no wagers selecting the first place finisher in all Pick (N) contests, the minor share of the net Pick (N) pool shall be distributed as a single price pool to those who selected the first place finisher in the greatest number of Pick (N) contests, and the major share shall be added to the jackpot. If there are no wagers selecting at least one of the first place finishers, the entire Pick (N) pool shall be refunded for that performance. At the option of the permitholder, and with prior notification given to the division, the jackpot may be distributed in the same percentages as the major and minor share designations provided that there is at least one wager selecting the first place finisher in all of the contests. Otherwise, the jackpot shall be carried over and only the minor share of the net Pick (N) pool for that performance shall be distributed.
(c) Pick (N) with Minor Pool and no Jackpot Carryover. The major share of the net Pick (N) pool (percentage designated by permitholder) shall be distributed to those who selected the first place finisher in the greatest number of the Pick (N) contests, based upon the official order of finish. The minor share of the net Pick (N) pool shall be distributed to those who selected the first place finisher in the second greatest number of Pick (N) contests, based upon the official order of finish. If there are no wagers selecting at least one of the first place finishers, the entire Pick (N) pool shall be refunded.
(3) through (7) No change.
(8) For Pick (N) pools involving a jackpot, the jackpot shall be subject to the following conditions:
(a) The jackpot may shall be capped at a level designated by the permitholder. in $1,000 increments, but not exceeding the following:
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(b) If at the close of any performance, the amount accumulated in the Pick (N) jackpot equals or exceeds the designated cap, the Pick (N) jackpot shall be frozen until it is distributed under the provisions of this rule.
(b)(c) If the jackpot has been previously capped, and no one selects the first place finisher in each of the Pick (N) contests, then one hundred percent of the net Pick (N) pool shall be distributed as a single price pool to those who selected the first place finisher in the greatest number of Pick (N) contests for that performance.
(9) No change.
(10) The permitholder may provide for an early distribution of the Pick (N) jackpot on a specified date or payout schedule upon prior notification to the division at least 5 days prior to implementation.
(10)(11) If for any reason beyond the control of the permitholder the Pick (N) jackpot cannot be awarded as required in the previous paragraphs, then the jackpot shall be deposited in an interest bearing account. The jackpot plus any interest earned shall become part of the Pick (N) net pool in one of the first five performances of the same permitholder’s subsequent meet. For pari-mutuel facilities being utilized by more than one pari-mutuel permitholder, the jackpot plus any interest earned shall become part of the Pick (N) jackpot for the first performance of the other permitholder’s subsequent meet at that same facility. The permitholder(s) shall notify the division in writing prior to the beginning of the meet as to the designated performance.
(12) The permitholder may guarantee the Pick (N) jackpot up to the designated cap. The permitholder shall inform the division in writing at the beginning of the meet via the Form DBPR PMW-3520, Notification of Pari-Mutuel Operations, adopted and incorporated by Rule 61D-10.001, Florida Administrative Code, and at least 5 working days prior to exercising this option. The value needed to meet the guaranteed amount shall be added to the jackpot when it is won and included in the totalisator price calculations.
Rulemaking Specific Authority 550.0251(3),(7), 550.155(1), 550.495(4) FS. Law Implemented 550.0251(7), 550.155 FS. History– New 10-20-96, Amended 12-15-97, 4-12-06,_________.