On a race that a licensee holds and simulcasts to an out-of-state facility or on a simulcast of a race that a licensee receives, the licensee may, with the approval of the Commission, combine bets made at the licensee’s track with bets of the same type made at the out-of-state facility where betting is lawful. This section allows the creation of common mutuel pools for calculating odds and determining payouts. Bets made at an out-of-state facility may not be considered part of the licensee’s mutuel pools for any purpose other than the purpose stated in subsection (b) of this section. For races that are held by a licensee in this State and simulcast to an out-of-state facility, the takeout on bets made in this State that are commingled in a common mutuel pool shall be the takeout as prescribed for the licensee by this title. Notwithstanding any other provision of this title governing the amount of takeout, for a race that is held by an out-of-state facility and simulcast to a licensee in this State, the takeout on bets made in this State that are commingled in a common mutuel pool shall be, subject to the approval of the Commission, as agreed by the licensee and the out-of-state facility. Notwithstanding any other provision of this title governing the allocation of takeout, for a race that is held by an out-of-state facility and simulcast to a licensee in this State, the allocation of takeout on bets made in this State that are commingled in a common mutuel pool shall be, subject to the approval of the Commission, allocated in the following manner: to the State for taxes on the handle of the licensee as provided under this title; to the host racing association where live racing is conducted in an amount determined by the licensee and the out-of-state facility; and the remainder to the licensee, the applicable pension funds created by this title, purse money, and the applicable bred fund in proportion to their respective shares of the takeout under this title.