(1) In accordance with ORS chapter 183, the Oregon Racing Commission shall promulgate rules to carry out the provisions of ORS 462.700 to 462.740. Such rules shall be designed to promote the best interests and the good conduct of racing, with due regard for the public health, safety and welfare.
(2) In order to provide for the lawful operation of off-race course mutuel wagering for wagering on horse races at race courses outside this state, the commission is authorized to enter into contracts or agreements with other governmental or private agencies or associations and to perform all other acts necessary to comply with the Interstate Horseracing Act of 1978, 15 U.S.C. 3001 to 3007, as amended.