(a) No race shall be authorized or permitted for a purse, stake or reward of less than $700 except in the event of a split race, in which case the purse, stake or reward shall be equally divided.

(b) Plate value, if any, shall be considered as a part of the purse, stake or reward.

38 Del. Laws, c. 62, § ?10; Code 1935, § ?5505; 43 Del. Laws, c. 242; 28 Del. C. 1953, § ?345; 68 Del. Laws, c. 84, § ?173(a);