(1) "Back" means to wager on a selected outcome occurring in a given market.

(2) "Exchange" means a system operated by an exchange wagering licensee in which the exchange wagering licensee maintains one or more markets in which persons may back or lay a selected outcome.

(3) "Exchange revenues" means all charges and fees assessed or collected by an exchange wagering licensee in connection with the submission of any exchange wagers to the exchange wagering licensee.

(4) "Exchange wagering" means a form of pari-mutuel wagering in which two or more persons place identically opposing wagers in a given market.

(5) "Exchange wagering account" means an account held by a person participating in exchange wagering and managed by an exchange wagering licensee, and may include an account established with a Multi-Jurisdictional Simulcasting and Interactive Wagering Totalizator Hub pursuant to ORS 462.725.

(6) "Exchange wagering licensee" means a person that holds an exchange wagering license issued under ORS 462.313.

(7) "Exchange wagering system" means a system through which exchange wagers are processed.

(8) "Exchange wagers" means wagers submitted to an exchange wagering licensee to be posted in a market on an exchange.

(9) "Identically opposing wagers" means wagers that one or more persons offer to lay on a selected outcome at the same price at which one or more persons offer to back that same outcome, with the amount subject to the lay being proportionately commensurate to the amount subject to the back.

(10) "Interstate exchange pool" means an exchange wagering system established in this state or in another jurisdiction and that combines unmatched wagers on one or more horse races in order to form identically opposing wagers.

(11) "Lay" means to wager on a selected outcome not occurring in a given market.

(12) "Market" means, in relation to a given horse race or set of horse races, a particular outcome that is subject to exchange wagering as determined by an exchange wagering licensee.

(13) "Matched wager" means the wager that is formed when two or more persons are confirmed by an exchange wagering licensee as having placed identically opposing wagers in a given market on an exchange.

(14) "Net winnings" means the aggregate amounts payable to a person as a result of that person’s winning matched wagers in a pool less the aggregate amount paid by that person as a result of that person’s losing matched wagers in that pool.

(15) "Pari-mutuel" means any system in which wagers with respect to the outcome of a horse race are placed with, or in, a wagering pool conducted by an authorized person, and in which the participants are wagering with each other and not against the person conducting the wagering pool.

(16) "Pool" means the total of all matched wagers in a given market.

(17) "Price" means the odds for a given exchange wager.

(18) "Unmatched wager" means a wager or portion of a wager placed in a given market on an exchange that does not become part of a matched wager. [2019 c.313 §2]