(a) The takeout authorized by law is deducted from the total wagered in the place pool. The balance is the net pool.
(b) The amount wagered in the place pool on the race animals that placed first and second is deducted from the net pool. The remaining profits are divided into two equal parts, between the wagers on the winner in the place pool and the wagers on the animal that finished second.
(c) With the amount wagered in the place pool on the winner as the divisor and one-half of the profits of the place pool as the dividend, the quotient is the profit-per-dollar wagered in the place pool on the winner.
(d) With the amount wagered in the place pool on the animal finishing second as the divisor and one-half of the profits of the place pool as the dividend, the quotient is the profit-per-dollar wagered in the place pool on the animal finishing second.
(e) The profit-per-dollar wagered is the resultant. Because the amounts wagered on the animals finishing first and second must be returned, the amount deducted from the net pool under subsection (b) of this section is added to the quotient. The result is the payoff price for each dollar wagered on the animals finishing first and second in the place pool.
(f) If a race ends in a dead heat for first place, the place pool shall be distributed in accordance with subsections (c) and (d) of this section. If a race ends in a dead heat for second place, tickets on the first place animal shall be paid in accordance with subsection (c), and the remaining half of the place pool shall be distributed as a profit for split to holders of tickets on any of the animals finishing in the dead heat for second place.
(g) If no money was wagered to place on an animal finishing first or second in a race, the place pool shall be distributed among the holders of the place tickets on the other animal that finished first or second. If no money was wagered to place on either of the animals finishing first or second in a race, the place pool shall be distributed among the holders of tickets on the first and second place animals in the show pool. If the place pool cannot otherwise be distributed in accordance with this section, the money in the place pool shall be refunded.

Source Note: The provisions of this §321.305 adopted to be effective April 1, 2001, 26 TexReg 2160