(a) Except as provided in subsection (b) of this section, the Commission may:
(1) adopt regulations and conditions to govern racing and betting on racing in the State; and
(2) approve or disapprove:
(i) prices that a licensee may set for admission to a race, a service performed, or an article sold at a track; and
(ii) the size of the purse, reward, or stake to be offered at a race.
(b) The Commission may not adopt regulations that allow:
(1) racing a breed of horse not now authorized by law; or
(2) holding currently unauthorized:
(i) intertrack betting;
(ii) off-track betting; or
(iii) telephone betting other than telephone account betting.