The commission regulates the pari-mutuel industry in Oregon, including horse racing, on- and off-track wagering for the good of the horses, those who work with the horses, the bettors, the licensees and the citizenry. The commission also regulates multi-jurisdictional account wagering hubs licensed in Oregon. By statute, 25% of the fees on wagering through these hubs goes to the state General Fund; the remaining 75% is used to support racing industry activities such as a commercial race meet in Grants Pass and the summer race meets in communities throughout the state.

The commission’s five-member governing board is appointed by the governor and confirmed by the Senate. Terms are four years.​