Terms Used In Virginia Code > Title 59.1 > Chapter 29 > Article 5 - Taxation and Audit.

• Advance deposit account wagering: means a method of pari-mutuel wagering conducted in the Commonwealth that is permissible under the Interstate Horseracing Act, § 3001 et seq. See Virginia Code 59.1-365
• Breakage: means the odd cents by which the amount payable on each dollar wagered exceeds a multiple of $0. See Virginia Code 59.1-365
• City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
• Commission: means the Virginia Racing Commission. See Virginia Code 59.1-365
• Enclosure: means all areas of the property of a track to which admission can be obtained only by payment of an admission fee or upon presentation of authorized credentials, and any additional areas designated by the Commission. See Virginia Code 59.1-365
• Historical horse racing: means a form of horse racing that creates pari-mutuel pools from wagers placed on previously conducted horse races and is hosted at (i) a racetrack owned or operated by a significant infrastructure limited licensee or (ii) a satellite facility that is owned or operated by (a) a significant infrastructure limited licensee or (b) the nonprofit industry stakeholder organization recognized by the Commission and licensed to own or operate such satellite facility. See Virginia Code 59.1-365
• Horse racing: means a competition on a set course involving a race between horses on which pari-mutuel wagering is permitted and includes historical horse racing. See Virginia Code 59.1-365
• Licensee: includes any person holding an owner's or operator's license under Article 2 (§ Virginia Code 59.1-365
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• Oversight: Committee review of the activities of a Federal agency or program.
• Pari-mutuel wagering: means the system of wagering on horse races in which those who wager on horses that finish in the position or positions for which wagers are taken share in the total amounts wagered, plus any amounts provided by a licensee, less deductions required or permitted by law and includes pari-mutuel wagering on historical horse racing and simulcast horse racing originating within the Commonwealth or from any other jurisdiction. See Virginia Code 59.1-365
• Person: means any individual, group of individuals, firm, company, corporation, partnership, business, trust, association, or other legal entity. See Virginia Code 59.1-365
• Pool: means the amount wagered during a race meeting or during a specified period thereof. See Virginia Code 59.1-365
• Race meeting: means the whole consecutive period of time during which horse racing with pari-mutuel wagering is conducted by a licensee. See Virginia Code 59.1-365
• Racetrack: means an outdoor course located in Virginia which is laid out for horse racing and is licensed by the Commission. See Virginia Code 59.1-365
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Retainage: means the total amount deducted from the pari-mutuel wagering pool for (i) a license fee to the Commission and localities, (ii) the licensee, (iii) purse money for the participants, (iv) the Virginia Breeders Fund, and (v) certain enumerated organizations as required or permitted by law, regulation or contract approved by the Commission. See Virginia Code 59.1-365
• Satellite facility: means all areas of the property at which simulcast horse racing is received for the purposes of pari-mutuel wagering, and any additional areas designated by the Commission. See Virginia Code 59.1-365
• Significant infrastructure limited licensee: means a person who owns or operates a significant infrastructure facility and holds a limited license under § Virginia Code 59.1-365
• Simulcast horse racing: means the simultaneous transmission of the audio or video portion, or both, of horse races from a licensed horse racetrack or satellite facility to another licensed horse racetrack or satellite facility, regardless of state of licensure, whether such races originate within the Commonwealth or any other jurisdiction, by satellite communication devices, television cables, telephone lines, or any other means for the purposes of conducting pari-mutuel wagering. See Virginia Code 59.1-365
• Virginia Breeders Fund: means the fund established to foster the industry of breeding race horses in the Commonwealth of Virginia. See Virginia Code 59.1-365