RD97 - Virginia Racing Commission 2007 Annual Report


Executive Summary:
Title 59, Chapter 29, known as The Racing Act,” became effective on January 1, 1989. It vested the Virginia Racing Commission with control of all horse racing with pari-mutuel wagering that is conducted in the Commonwealth.

The Racing Commission is vested with plenary power to prescribe regulations and conditions under which racing and wagering shall be conducted, so as to maintain horse racing in the Commonwealth of the highest quality and free of any corrupt, incompetent, dishonest or unprincipled practices and to maintain in such racing complete honesty and integrity.

Horse racing with pari-mutuel wagering is permitted in the Commonwealth for “the promotion, sustenance and growth of a native industry, in a manner consistent with the health, safety and welfare of the people.”

For the first time, in 2007 pari-mutuel wagering in Virginia passed the $200 million mark--$167,684,686 at Colonial Downs’ New Kent facility and nine satellite wagering facilities and $33,206,726 in advance deposit account wagering for a total of $200,891,412. Since 2004, the Commission has been licensing and regulating advance deposit account wagering companies that operate in Virginia. Presently there are four companies licensed in Virginia—Colonial Downs’EZ Horsesplay, TVG, XpressBet and TwinSpires.

Since pari-mutuel wagering began in 1996, a total of $1,503,215,292 has been wagered in the state. In addition $338,032,751 has been wagered on Virginia’s live races from localities throughout the United States.