N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 415

§ 415. Bond required of corporation or association conducting\npari-mutuel betting. Every corporation or association licensed by the\nstate racing and wagering board to conduct quarter horse race meetings\nat which pari-mutuel betting shall be permitted, annually and before the\nopening of any race meeting shall execute and file with the state\ncomptroller a bond to this state in a penalty to be fixed by the state\ntax commission not exceeding two hundred fifty thousand dollars, with\nsureties approved by the attorney general, that it will keep its books\nand records and make reports as required by sections two hundred\ntwenty-two through seven hundred five of this chapter, that it will pay\nto the state all taxes imposed by sections two hundred twenty-two\nthrough seven hundred five of this chapter, that it will distribute to\nthe patrons of pari-mutuel pools conducted by it all sums due upon\npresentation of winning tickets held by them, and that it will otherwise\ncomply with all of the provisions of sections two hundred twenty-two\nthrough seven hundred five of this chapter and with the rules and\nregulations prescribed by the state racing and wagering board and the\nstate tax commission.\n