N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 233

§ 233. Bond required of corporation conducting pari-mutuel betting. 1.\nEvery corporation franchised or licensed by the state racing and\nwagering board to conduct pari-mutuel betting, annually and before the\nopening of any race meeting, shall execute and file with the state\ncomptroller, a bond to the state in a penalty to be fixed by the\ncommissioner of taxation and finance not exceeding five hundred thousand\ndollars, with sureties approved by the attorney general, that it will\nkeep its books and records and make reports as required by this chapter,\nthat it will pay to the state all taxes imposed by this chapter, that it\nwill distribute to the patrons of pari-mutuel pools conducted by it all\nsums due upon presentation of winning tickets held by them, and that it\nwill otherwise comply with all the provisions of this chapter in\nrelation to the conduct of races and of pari-mutuel betting on its\nracetrack.\n 2. In addition hereto, every such corporation first licensed or\nfranchised after January first, nineteen hundred eighty-six, annually\nand before the opening of any race meeting shall execute and file with\nthe state comptroller, a bond to the state in a penalty to be fixed by\nthe board not exceeding five hundred thousand dollars, with sureties\napproved by the attorney general, that it will make all purse payments\nadvertised and offered as premiums, prizes or awards to owners of horses\ncompeting in races at such track within one week of such race, or, if\nsuch payment is ordered held by the board pending investigation by it of\nany race, into a trust account pending completion of such investigation.\n