1. The Commission, upon the recommendation of the Board, may adopt regulations for:
(a) The conduct by a licensed book offering off-track pari-mutuel wagering on a race, sporting event or other event; and
(b) The approval of the terms and conditions of any agreement between a licensed book and an agency of the state in which the race, sporting event or other event takes place or a person licensed or approved by that state to participate in the conduct of the race, sporting event or other event or the pari-mutuel system of wagering thereon.
2. A person or governmental agency must not receive any commission or otherwise share in the revenue from the conduct of off-track pari-mutuel wagering in this State without the approval of the Commission. The Commission may approve any person or governmental agency after such investigation as the Board deems proper.