The penalty of arresto menor or a fine not exceeding 200 pesos, or both, shall be imposed upon any person who, except during the periods allowed by law, shall bet on horse races. The penalty of arresto mayor or a fine ranging from 200 to 2,000 pesos, or both, shall be imposed upon any person who, under the same circumstances, shall maintain or employ a totalizer or other device or scheme for betting on horse races or realizing any profit therefrom.
For the purposes of this article, any race held on the same day and at the same place shall be held punishable as a separate offense, and if the same be committed by any partnership, corporation or association, the president and the directors or managers thereof shall be deemed to be principals in the offense if they have consented to or knowingly tolerated its commission.