(b) The board shall approve the rules and the payment of prizes of a handicapping tournament. No operator of a handicapping tournament may accept an entry fee for a tournament until the board has approved the rules and the payment of prizes of a handicapping tournament.
(c) The horse races which are the subject of the tournament must be races on which the operator of the tournament is authorized to conduct wagering. At least fifty percent of the races which are the subject of the tournament must be races run in New York state. 3. A handicapping tournament operated in accordance with the provisions of this section shall be considered a contest of skill and shall not be considered gambling.
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