The intent of this section is similar to that of the Interstate Horseracing Act of 1978, 15 U.S.C. §§ 3001 through 3007. If the Commission approves, a licensee may contract to hold pari-mutuel betting on a race that is held at an out-of-state track where betting on racing is lawful. Pari-mutuel betting under this section may only occur: on a racing day when the Commission has authorized the licensee to hold racing; and at the track of the licensee; at any track where pari-mutuel betting on races on the racing program of the licensee for that day is authorized; or at a satellite simulcast facility. The breakage and takeout for pari-mutuel betting under this section shall be computed in the way normally applicable to pari-mutuel betting on racing the licensee holds. From the takeout the licensee shall deduct: the State tax on all mutuel pools; the amount to be paid under the contract to the out-of-state track; and the cost of transmission. The licensee shall then allocate the rest of the takeout in the way applicable to the racing that the licensee holds. A contract with an out-of-state track under this section is subject to the approval of the group that represents a majority of the owners and trainers who race horses at that track and the group that represents a majority of the applicable breeders in this State.