(a) Notwithstanding any other provisions of law, a greyhound racetrack association and the state greyhound breed registry shall by contract agree that each simulcast contract to which the greyhound racetrack association is a party, including a simulcast contract with a horse racetrack association or with another greyhound racetrack association, include terms that provide adequately for:
(1) the development of greyhound racing, breeding, and purses; and
(2) any actual or potential loss of live racing handle based on the racetrack association's historical live racing schedule and handle in this state.
(b) If a greyhound racetrack association and the state greyhound breed registry fail to reach an agreement under Subsection (a), the racetrack association or the breed registry may submit the contract negotiations for binding arbitration under Chapter 171, Civil Practice and Remedies Code, and commission rules.
(c) The arbitration must be conducted by a board of three arbitrators as follows:
(1) one arbitrator appointed by the greyhound racetrack association;
(2) one arbitrator appointed by the state greyhound breed registry; and
(3) one arbitrator appointed by the arbitrators appointed under Subdivisions (1) and (2).
(d) A greyhound racetrack association and the state greyhound breed registry shall each pay its own arbitration expenses. The greyhound racetrack association and the state greyhound breed registry shall equally pay the arbitrator fees and costs.