Indiana Race Wagering
The first track to open was Hoosier Park in Anderson in 1994, and Indiana Downs opened in Shelbyville on 6 December 2002.
Pari-mutuel wagering legislation also created the Indiana Horse Racing Commission (HRC) in 1989. The purpose of the HRC is to regulate pari-mutuel wagering and horse racing. The Commission has five governor-appointed members that serve for four-year terms. Members must be registered voters and have resided in Indiana for at least five years. They may not be state employees and are prohibited from having an interest in an organization that is licensed by the Commission. No more than three members of the Commission may be affiliated with the same political party.
The General Assembly approved a bill that allowed slot machines at Indiana's two racetracks. The legislation was signed into law in May 2007. Hoosier Park and Indiana Downs began offering casino gaming in summer 2008.
By law, horse racing revenue is taxed at 3% of total handle and 76% of handle is returned to the bettors in winnings. Breed development funds for standardbred, thoroughbred and quarter-horse breeds receive all breakage, uncashed tickets and a portion of racino slot revenues since June 2008. Before slots were allowed, a tax on riverboat admission revenue was diverted to the various breed funds.
In February 2013, Indianapolis-based Centaur Holdings, LLC acquired the Indiana Grand Casino and Downs in Shelbyville. Hoosier Park Racing in Anderson, Indiana's only other racino, is owned by Centaur as well. In 2011, Centaur had filed for bankruptcy protection under Chapter 11 and emerged in August 2011 with a debt of approximately 33%. With this acquisition, Centaur becomes the owner of two of the leading racinos in the Midwest states.
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