Sunday, November 28, 2021

Happy na Hapi! House grants franchise to regional horse racing club

Feb 28, 2021 @ 13:35

By Billy Begas

The House of Representatives has approved on second reading a measure granting a franchise to Hapi Jockey Club Inc., to operate and maintain racetracks for horse racing in Batangas, Laguna, and Cavite.

Under House Bill 8753, authored by House Committee on Legislative Franchises chairperson and Palawan Rep. Franz Alvarez and Camiguin Rep. Xavier Jesus Romualdo the races will be under the supervision and regulation of the Philippine Racing Commission (PHILRACOM).

Hapi Jockey Club will be allowed to hold races on at least two days during the week as may be determined by PHILRACOM and on all Saturdays, Sundays, and official holidays of the year, except on those official holidays where the law expressly provides that no horse races are to be held.

The franchise also allows Hapi Jockey Club Inc., to conduct races on the eve of any public holiday to start not earlier than 5:30 p.m. but not to exceed five days a year.

The Games and Amusement Board was tasked to assign its auditors and inspectors to supervise and regulate the placing of bets, the proper computation of dividends and the distribution of wager funds.

The total wager funds or gross receipts from the sale of betting tickets will be apportioned as follows:

– 82 percent shall be distributed in the form of dividends among the holders of winning tickets

– 8.5 percent shall be the commission of Hapi Jockey Club

– 8.5 percent shall be set aside for the payment of stakes or prizes of win, place, and show horses and the authorized bonuses for jockey

– 0.5 percent for PHILRACOM and

– 0.5 percent shall be set aside for the use of GAB to be shared equally with the Jockeys and Horse Trainers’ injury, disability, and death compensation fund

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