(1) The Legislative Assembly finds and declares that the horse racing industry is economically important to this state and that the general welfare of the residents of this state will be promoted by the advancement of horse racing and related projects and facilities in this state.

(2) It is the intent of the Legislative Assembly, by authorizing exchange wagering in this state, to:

(a) Promote the economic future of the horse racing industry in this state;

(b) Foster the potential for increased commerce, employment and recreational opportunities in this state;

(c) Preserve the state’s open spaces;

(d) Permit exchange wagers to be taken in person, by telephone or by communication through other electronic means; and

(e) Subject to the relevant federal law, permit exchange wagers to be taken from residents of jurisdictions other than this state.

(3) The Legislative Assembly has determined that the Oregon Racing Commission is best suited to oversee, license and regulate exchange wagering in this state. [2019 c.313 § 3]