This 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. The amendments clarify that any licenses or permits obtained under this chapter are considered revocable privileges rather than rights, and they establish that two and a half percent of the collected funds, capped at $500,000, will be allocated to the newly created Louisiana Equine Promotion and Research Fund. Additionally, any remaining funds will be available as state general funds.

The newly established Louisiana Equine Promotion and Research Fund will consist of money deposited from the aforementioned allocation, as well as any other appropriated or transferred funds. The state treasurer is responsible for managing the fund, which will include donations and grants for the Louisiana Equine Promotion and Research Program. The bill outlines that the funds will be appropriated to the Department of Agriculture and Forestry for the program, and it will take effect on July 1, 2024, unless vetoed and subsequently approved by the legislature.

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)