ORS 462.301
Definitions for ORS 462.301 to 462.340

As used in ORS 462.301 (Definitions for ORS 462.301 to 462.340) to 462.340 (Rules):

(1)

“Back” means to wager on a selected outcome occurring in a given market.

(2)

“Exchange” means a system operated by an exchange wagering licensee in which the exchange wagering licensee maintains one or more markets in which persons may back or lay a selected outcome.

(3)

“Exchange revenues” means all charges and fees assessed or collected by an exchange wagering licensee in connection with the submission of any exchange wagers to the exchange wagering licensee.

(4)

“Exchange wagering” means a form of pari-mutuel wagering in which two or more persons place identically opposing wagers in a given market.

(5)

“Exchange wagering account” means an account held by a person participating in exchange wagering and managed by an exchange wagering licensee, and may include an account established with a Multi-Jurisdictional Simulcasting and Interactive Wagering Totalizator Hub pursuant to ORS 462.725 (Multi-jurisdictional simulcasting and wagering).

(6)

“Exchange wagering licensee” means a person that holds an exchange wagering license issued under ORS 462.313 (Exchange wagering license).

(7)

“Exchange wagering system” means a system through which exchange wagers are processed.

(8)

“Exchange wagers” means wagers submitted to an exchange wagering licensee to be posted in a market on an exchange.

(9)

“Identically opposing wagers” means wagers that one or more persons offer to lay on a selected outcome at the same price at which one or more persons offer to back that same outcome, with the amount subject to the lay being proportionately commensurate to the amount subject to the back.

(10)

“Interstate exchange pool” means an exchange wagering system established in this state or in another jurisdiction and that combines unmatched wagers on one or more horse races in order to form identically opposing wagers.

(11)

“Lay” means to wager on a selected outcome not occurring in a given market.

(12)

“Market” means, in relation to a given horse race or set of horse races, a particular outcome that is subject to exchange wagering as determined by an exchange wagering licensee.

(13)

“Matched wager” means the wager that is formed when two or more persons are confirmed by an exchange wagering licensee as having placed identically opposing wagers in a given market on an exchange.

(14)

“Net winnings” means the aggregate amounts payable to a person as a result of that person’s winning matched wagers in a pool less the aggregate amount paid by that person as a result of that person’s losing matched wagers in that pool.

(15)

“Pari-mutuel” means any system in which wagers with respect to the outcome of a horse race are placed with, or in, a wagering pool conducted by an authorized person, and in which the participants are wagering with each other and not against the person conducting the wagering pool.

(16)

“Pool” means the total of all matched wagers in a given market.

(17)

“Price” means the odds for a given exchange wager.

(18)

“Unmatched wager” means a wager or portion of a wager placed in a given market on an exchange that does not become part of a matched wager. [2019 c.313 §2]

Source: Section 462.301 — Definitions for ORS 462.301 to 462.340, https://www.­oregonlegislature.­gov/bills_laws/ors/ors462.­html.

462.010
Definitions 462.020
License requirement 462.025
Notice required to terminate use of license 462.030
Qualifications for eligibility of race meet operator 462.040
Race meet licenses, classes, limitations, contents 462.050
Application for race meet license 462.055
Authority to require applicant to have recommendation of local governing body 462.057
License and other fees and purses 462.062
Fees and other payments by licensees of horse race meets not subject to ORS 462.057 462.065
Security for association receiving payments under ORS 462.057 or 462.062 462.067
License and other fees for race meets not subject to ORS 462.057 and 462.062 462.068
Fees for wagering on certain previously held races 462.070
License fees for officials, track operators and other race meet participants 462.072
Cash Vouchers Account 462.073
Unclaimed Winnings Account 462.075
Grounds for refusal to issue or renew licenses 462.080
Exclusion of certain persons from race courses 462.090
Revocation, suspension and refusal to renew licenses 462.100
License fee and tax in lieu of all others 462.110
Public liability insurance required 462.125
Number and classes of race meets 462.127
Oregon Quarter Horse Racing Association and Oregon Division Horsemen’s Benevolent and Protective Association racing 462.130
Oregon bred horse races 462.135
Oregon bred greyhound races 462.140
Prohibitions concerning bookmaking, betting 462.142
Account wagering 462.145
Handicapping contests 462.147
Mutuel pools 462.150
Regulation of underpayments 462.155
Wagering on races previously held 462.157
Limitations on wagering on historical animal racing 462.160
When race meet is a nuisance 462.170
Commission rules apply to county fairs 462.185
Issuance of licenses to animal owners or trainers 462.190
Restrictions on minors 462.195
Written statement of age from purchaser of mutuel wagering ticket or receipt 462.200
Tests of animals participating in race meets or persons required to be licensed 462.210
Oregon Racing Commission 462.220
Compensation and expenses of members 462.230
Vacancies and removal 462.240
Oath of office 462.250
Organization of commission 462.260
Oregon Racing Commission Account 462.265
Commission subject to state budget procedures and laws governing supervision of expenditures 462.270
Duties of commission 462.272
Power of commission to administer oaths, take depositions, issue subpoenas 462.273
Prohibited activities of commission, staff and family members 462.275
Commission activities concerning betterment of racing 462.277
Service and execution of warrants of arrest and search warrants 462.301
Definitions for ORS 462.301 to 462.340 462.304
Legislative findings 462.307
Lawful exchange wagering 462.310
Exchange wagering accounts 462.313
Exchange wagering license 462.316
Prohibition on accepting certain wagers 462.319
Collection of exchange revenues 462.322
Cancellation of wagers 462.325
Matched wagers 462.328
Posting of exchange wager in market 462.331
Posting of exchange wager in pool 462.334
Fees 462.337
Limitations on authority of Oregon Racing Commission 462.340
Rules 462.405
Board of stewards’ authority 462.408
Recovery of owed amounts 462.415
Animals prohibited from racing 462.417
Schedule of purses to have prior approval of commission 462.420
Stimulating or depressing participating animal prohibited 462.430
Prohibitions concerning influencing results of races 462.450
Regulation of possession, transportation or use of drugs at race course 462.460
Racing animal under name or designation other than registered name or designation or altering license prohibited 462.470
Aiding or abetting racing of animal under name or designation other than registered name or designation prohibited 462.510
Demand or acceptance of compensation for furnishing racing information as touting 462.520
Penalty for falsely using name of racing official as source of information in commission of touting 462.700
Authorization 462.710
Application 462.720
Pooling wagered moneys 462.725
Multi-jurisdictional simulcasting and wagering 462.727
Totalizator business license 462.730
Payments by licensee to commission 462.735
Suspension or refusal to renew license 462.740
Rules 462.990
Penalties
Green check means up to date. Up to date

Current through early 2024

§ 462.301’s source at oregon​.gov