(a) A person, corporation, or association authorized under this chapter to conduct parimutuel betting at a horse race meeting on races run, shall distribute all sums deposited in any parimutuel pool to the holders of winning tickets, less a maximum of twenty-five percent of the total deposits from regular on track bets plus breaks, and a maximum of thirty percent of the total deposits from multiple bets or exotic bets plus breaks. For the purposes of this chapter, an exotic bet or wager is a single bet or wager on three or more horses evidenced by a single ticket representing an interest in a single betting pool. “Breaks” are defined as the odd cents over any multiple of fifty calculated on the basis of one dollar, otherwise payable to a patron. Breaks and outs shall be retained by the parimutuel operator as part of the parimutuel take.
(b) Notwithstanding the provisions of Title 33, section 43, Virgin Islands Code, or any other law, four percent (4%) of the parimutuel take shall be paid by the parimutuel operator to the Government of the Virgin Islands in lieu of gross receipts taxes.