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 establishes that any license or permit obtained under this chapter is a revocable privilege, not a right, and introduces a new allocation of funds. Specifically, it mandates that two and one-half percent of the collected revenues, capped at five hundred thousand dollars, will be credited to the newly created Louisiana Equine Promotion and Research Fund.

The Louisiana Equine Promotion and Research Fund is established as a special fund in the state treasury, consisting of revenues from the sports wagering provisions and any additional appropriations or donations. The fund's resources will be managed by the state treasurer, who will invest the funds and ensure that any unspent money remains in the fund at the end of the fiscal year. The appropriated funds will be directed to the Department of Agriculture and Forestry to support 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)