Pari-Mutuel Betting Supervision Regulations

51 (1) No association shall conduct pari-mutuel betting on races that are not held in accordance with the applicable rules of racing.

(2) No association shall offer a type of bet that is not expressly authorized under its permit.

(3) The Executive Director may set out terms and conditions in the association’s permit governing each type of bet.

(4) If a bet is made in foreign currency, the value of the bet for the purposes of calculating the applicable deductions and pay-out prices shall be determined by converting the foreign currency into Canadian currency at one of the following rates, as applicable:

• (a) if the foreign currency is one for which the Bank of Canada quotes a rate of exchange with Canadian currency, the rate of exchange quoted by the Bank on the day before the day on which the post time of the first race of the racing card is scheduled or, if there is no rate quoted for that day, the most recent rate of exchange quoted by the Bank between those currencies on a day before the day on which the post time of the first race of the racing card is scheduled;

• (b) if the foreign currency is not one for which the Bank of Canada quotes a rate of exchange with Canadian currency, the rate of exchange quoted between those currencies on the Internet at www.xe.com at 16:00 Coordinated Universal Time (UTC) on the day before the day on which the post time of the first race of the racing card is scheduled or, if that rate is not available, the midpoint rate of exchange quoted between those currencies on the Internet at www.oanda.com at 22:00 Eastern Time on the day before the day on which the post time of the first race of the racing card is scheduled.