Horserace Permitholder Law and Legal Definition
Horserace permitholder refers to any entity related to horse racing which is permitted or granted license to conduct pari-mutuel wagering. Parimutuel game is a system of mutual betting. Concerned states make laws relating to pari-mutuel wagering in its jurisdiction and permits or licenses are issued by the authorized body created for that purpose.
The following is an example of a state statute (Florida) defining the term horserace permitholder :
According to Fla. Stat. § 550.002 (15) "Horserace permitholder" means any thoroughbred entity permitted under the provisions of this chapter to conduct pari-mutuel wagering meets of thoroughbred racing; any harness entity permitted under this chapter to conduct pari-mutuel wagering meets of harness racing; or any quarter horse entity permitted under this chapter to conduct pari-mutuel wagering meets of quarter horse racing.