N.Y. PML Law § 415

§ 415. Bond required of corporation or association conducting\npari-mutuel betting. Every corporation or association licensed by the\ncommission to conduct quarter horse race meetings at which pari-mutuel\nbetting shall be permitted, annually and before the opening of any race\nmeeting shall execute and file with the state comptroller a bond to this\nstate in a penalty to be fixed by the department of taxation and finance\nnot exceeding two hundred fifty thousand dollars, with sureties approved\nby the attorney general, that it will keep its books and records and\nmake reports as required by sections two hundred twenty-two through\nseven hundred five of this chapter, that it will pay to the state all\ntaxes imposed by sections two hundred twenty-two through seven hundred\nfive of this chapter, that it will distribute to the patrons of\npari-mutuel pools conducted by it all sums due upon presentation of\nwinning tickets held by them, and that it will otherwise comply with all\nof the provisions of sections two hundred twenty-two through seven\nhundred five of this chapter and with the rules and regulations\nprescribed by the commission and the department of taxation and finance.\n