(1) Excepting only the moneys retained for the use and benefit of the franchise holder, the amounts paid to the Arkansas Racing Commission for the use and benefit of the State of Arkansas, the amount paid to the commission for deposit into the Arkansas Racing Commission Purse and Awards Fund, and the amount paid to a city, town, or county as provided in this subchapter, all moneys received by the franchise holder from wagers pursuant to this subchapter shall be paid over to bettors holding winning pari-mutuel tickets in accordance with the provisions and at the times specified in the various race programs written by the franchise holder for the racing meet, as their respective interests may appear, upon presentation of those tickets.
(2) However, all winning pari-mutuel tickets not presented to the franchise holder for redemption on or before the one hundred eightieth day next following the last racing day of each racing meet hereafter held shall be void. Of the moneys represented by void pari-mutuel tickets, the franchise holder shall forthwith distribute the proceeds as follows: One-third (1/3) of the amount thereof shall be retained by the franchise holder for its own use and benefit;
(3) One-third (1/3) of the amount thereof shall be paid to the commission for deposit in the State Treasury as general revenues; and
(4) One-third (1/3) of the amount thereof shall be paid to the treasurer of the county in which the racing track is located for credit to the general fund of the county.