Interstate Horse Racing Act

Interstate Horseracing Act - Title I: Findings and Policy - Expresses the findings of Congress with regard to the significance of the horseracing industry and the effects of off-track betting on such industry. Declares that the policy of the Congress is to assure continued revenue flow from horseracing to the States and to protect the horseracing industry.

Title II: Regulation of Interstate Off-track Wagering - Prohibits the acceptance of any interested off-track wager on the outcome of a horserace in another State.

Subjects any State or person violating this Act to a civil action which may be brought by the host racing association, the State in which the race is held (host State), or any owner of any horse participating in a race which is the subject of an interstate off-track wager on behalf of the host racing association, the host State and owners of all horses participating in a race which is the subject of an interstate off-track wager, to enjoin further violations of this Act and to recover damages in an amount equal to three times the amount of that portion of the interstate off-track wagers which the host State, the host racing association, and the owners of horses participating in the race, would have received if such wagers had been placed at the track where the race was held. States that in the event that a wager accepted in violation of this Act is of a type not accepted at the host track, damages shall be equal to three times the greater of the: (1) maximum takeout permitted for any type of parimutuel wager in the host State or (2) maximum takeout permitted for any type of parimutuel wager in the off-track State.

Defines "takeout" as that portion of a wager which is deducted from the parimutuel pool and which is distributed to persons or entities other than those placing wagers.

Grants jurisdiction over an action under this Act to the United States district court in the host State or State in which the off-track wager was alleged to have been made.

Provides for damages awarded to be distributed to the host State, the host racing association, and the owners of the horses participating in the race upon which the interstate off-track wager was accepted.