§ 5:5-201 — Requirements for fixed odds wagering licensee.

12. Notwithstanding any other law, rule, or regulation to the contrary, the division shall require each fixed odds wagering licensee to: a. pay such portions of the fixed odds wagering licensee's fixed odds revenues as may be required pursuant to section 4 of this act, P.L.2021, c.193 (C.5:5-193); b. pay to overnight purses to standardbred and thoroughbred permit holders for wagering on races for the permit holder's respective breed in this State 50 percent of fixed odds revenues retained by the fixed odds wagering licensee after the payments required pursuant to subsection a. of this section are made, and after deducting all reasonable and necessary expenses incurred by the licensee in administering, marketing, and operating the fixed odds wagering system; and c. reach a business agreement with all standardbred and thoroughbred permit holders within this State as it pertains to wagering on the permit holder's respective breed, within one year from the date when the fixed odds wagering system becomes operational, for the distribution of the net fixed odds wagering revenues remaining after the payments are made pursuant to subsections a. and b. of this section and after the payment of operating expenses, subject to approval by the division; provided that, if an agreement is not reached within that time frame, the division shall distribute the fixed odds wagering revenues among the fixed odds wagering licensees and the standardbred and thoroughbred permit holders in this State based on wagering on the permit holder's respective breed. L.2021, c.193, s.12.