(a) Notwithstanding any other provision of law, parimutuel betting may be conducted at any horse racing meet, subject to the control and supervision of the Virgin Islands Horse Racing Commission, and in accordance with such rules and regulations as may be promulgated in the public interest. However parimutuel betting including bets on any simulcast is hereby authorized and allowed to continue during the interim period necessary for promulgation of any rules and regulations by the commission, provided that the Commission explicitly sanctions the conduct of each meet or race program wherein parimutuel betting is conducted. Any person, corporation or association, licensed to or awarded a lease franchise or concession agreement to conduct horse races by the Virgin Islands Horse Racing Commission shall conduct parimutuel betting at horse racing meets in a manner consistent with the provisions contained in this section.
(b) A person, corporation, or association licensed to or awarded a lease franchise or concession agreement to conduct horse races shall provide a place or places within the race meeting grounds or enclosure at which such licensee shall conduct the parimutuel system of betting by its patrons on the results of the horse races at such meeting. Such place or places shall be provided with the necessary equipment for issuing or vending parimutuel tickets, adding machine equipment, and a device capable of accurate and speedy determination of the amount of money in each pool and on each horse and the amount of award or dividend to winning patrons, while displaying the same to the patrons. Such place must also be equipped with automatic or hand-operated machinery for displaying on a mutuel indicator, in plain view of the public, the total amount of sales separately for win and place on every race and on each horse in such race. The machine or mutuel indicator shall also display the approximate straight odds on each horse in any race; the elapsed time of the race; and any other information that may be necessary for the guidance of the general public that the Virgin Islands Horse Racing Commission may require. All such machines and equipment must be approved by the Virgin Islands Horse Racing Commission before being used, but the Commission shall not require the installation of any particular make of mechanical or electrical equipment. This subsection shall become effective on April 29, 1995.
(c) Man to man betting on horse races at which parimutuel betting is conducted shall be an offense punishable by a fine not to exceed $500.00 for the first conviction and a fine not to exceed $2,000.00 and a jail term of three (3) months for any subsequent convictions therefor.