The bill amends and reenacts certain provisions of the Louisiana Revised Statutes related to sports wagering, specifically R.S. 27:601(B) and 625(G)(7), while also enacting R.S. 27:625(G)(8) and creating a new fund under R.S. 39:100.241. It clarifies that any licenses or permits obtained under this chapter are considered revocable privileges rather than rights, and it establishes that two and one-half percent of the collected funds, capped at five hundred thousand dollars, will be allocated to the newly created Louisiana Equine Promotion and Research Fund. Any remaining funds will be designated as state general funds.

The Louisiana Equine Promotion and Research Fund is established as a special fund in the state treasury, consisting of money deposited from the sports wagering revenue and other legislative appropriations. The fund will also receive donations and grants, with the state treasurer responsible for investing the funds and crediting any interest earned back to the fund. The appropriated funds will be directed to the Department of Agriculture and Forestry for the Louisiana Equine Promotion and Research Program. The bill is set to take effect on July 1, 2024, contingent upon legislative approval if vetoed by the governor.

Statutes affected:
SB235 Original: 27:601(B), 27:625(G)(7)
SB235 Engrossed: 27:601(B), 27:625(G)(7)
SB235 Reengrossed: 27:601(B), 27:625(G)(7)
SB235 Re-Reengrossed: 27:601(B), 27:625(G)(7)
SB235 Enrolled: 27:601(B), 27:625(G)(7)
SB235 Act 582: 27:601(B), 27:625(G)(7)