2015 New York Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 2 - (Racing, Pari-Mutuel Wagering and Breeding Law) THOROUGHBRED RACING AND BREEDING
233 - Bond required of corporation conducting pari-mutuel betting.

 233. Bond required of corporation conducting pari-mutuel betting. 1.
  Every  corporation  franchised  or  licensed  by  the  state  racing and
  wagering board to conduct pari-mutuel betting, annually and  before  the
  opening  of  any  race  meeting,  shall  execute and file with the state
  comptroller, a bond to the state  in  a  penalty  to  be  fixed  by  the
  commissioner of taxation and finance not exceeding five hundred thousand
  dollars,  with  sureties  approved by the attorney general, that it will
  keep its books and records and make reports as required by this chapter,
  that it will pay to the state all taxes imposed by this chapter, that it
  will distribute to the patrons of pari-mutuel pools conducted by it  all
  sums  due upon presentation of winning tickets held by them, and that it
  will otherwise comply  with  all  the  provisions  of  this  chapter  in
  relation  to  the  conduct  of  races  and of pari-mutuel betting on its
  racetrack.
2. In addition  hereto,  every  such  corporation  first  licensed  or
  franchised  after  January  first, nineteen hundred eighty-six, annually
  and before the opening of any race meeting shall execute and  file  with
  the  state  comptroller, a bond to the state in a penalty to be fixed by
  the board not exceeding five hundred  thousand  dollars,  with  sureties
  approved  by  the attorney general, that it will make all purse payments
  advertised and offered as premiums, prizes or awards to owners of horses
  competing in races at such track within one week of such  race,  or,  if
  such payment is ordered held by the board pending investigation by it of
  any race, into a trust account pending completion of such investigation.