(a) The Commission may approve an application for permission to establish a common pari-mutuel pool if the Commission determines that the establishment of the common pari-mutuel pool will be in the best interest of racing in this Commonwealth and if the following conditions are satisfied:
- (1) The race upon which patrons will be permitted to wager may be simulcast under section 216 of the act (4 P. S. § 325.216) or under the Interstate Horseracing Act of 1978 (15 U.S.C.A. § § 3001—3007), or both.
- (2) The wager to be accepted is of a type which may be permitted by the Commission under section 221 of the act (4 P. S. § 325.221).
- (3) The agreement under which the common pari-mutuel pool will be established and the procedures established for the administration of the common pari-mutuel pool comply with the act and this chapter.