Kan. Admin. Regs. § 112-9-43

Current through Register Vol. 43, No. 46, November 14, 2024

Section 112-9-43 - Capping carryover pools

The Pick (N), the twin trifecta, the tri-superfecta, and the twin superfecta carryover pools may be capped at a designated level or on a designated performance as approved by the commission. When the commission authorizes the capping of a carryover it shall select one of the following methods to govern subsequent contributions to the carryover pool:

(a) When the amount in the wager's carryover pool equals or exceeds the designated cap at the close of any performance, the carryover pool shall be frozen, and 100 percent of the designated contributions to the carryover pool shall be paid out to the wager's regular pool until the carryover pool is paid out.

(b) Within three working days of the date when the designated cap is reached, each organization licensee shall notify the commission or its designee of the occurrence and specify the date it intends to force a payout of the carryover pool, provided the capped carryover pool is not paid out prior to the specified date. Each forced payout shall be made within ten race days after the date when the designated cap is reached. After the designated cap is reached the carryover pool shall continue to receive its regular contribution from all wagers.

(c) When the designated cap on the carryover pool is reached the organization licensee shall freeze the carryover pool at the designated cap amount and create a new seed pool. The seed pool shall receive and hold all contributions that would normally flow to the carryover pool until the capped carryover pool is paid out. The carryover pool shall be paid out under the regular procedures, or, if the organization licensee so elects, under the forced payout procedures stated in subparagraph (b) of this regulation. Once the capped carryover pool is paid out, the seed pool shall become the carryover pool. If the seed pool's balance ever equals or exceeds the designated cap the seed pool shall be frozen the same as the carryover pool, and another seed pool shall be created.

(d) When a carryover pool is capped on a designated performance and the designated performance date is reached, the organization licensee shall pay out 100 percent of the contributions to the carryover pool using one of the following methods, as directed by the commission:

(1) to holders of tickets in accordance with the procedures stated in K.A.R. 112-9-41a(o) for twin trifecta wagers, K.A.R. 112-9-40a(o) for tri-superfecta wagers and K.A.R. 112-9-42(o) for twin superfecta wagers; or,

(2) to holders of second-half winning tickets using the following precedence:

(A) as a single price pool to those whose combination finishes in the same sequence as the first three betting interests for twin trifecta wagers or in the same sequence as the first four betting interests for twin superfecta and tri-superfecta wagers; then,

(B) as a single price pool to holders of valid exchange tickets; then,

(C) as a single price pool to holders of outstanding first-half winning tickets.

Kan. Admin. Regs. § 112-9-43

Authorized by K.S.A. 1991 Supp. 74-8804, as amended by L. 1992, Ch. 27, Sec. 3; implementing K.S.A. 1991 Supp. 74-8819, as amended by L. 1992; Ch. 27, § 6; effective June 1, 1992; amended, T-112-11-9-92, Nov. 9, 1992; amended, T-112-3-1-93, March 1, 1993; amended May 3, 1993.