This bill amends existing laws related to pari-mutuel wagering in Louisiana, specifically introducing fixed odds wagering on horse racing. It establishes the Fixed Odds Horse Wagering Purse Supplement Fund, which will receive a percentage of the net gaming proceeds from fixed odds wagers. The bill outlines the allocation of funds from this supplement fund, specifying that 55% will go to purses for thoroughbred racing, 24% for quarter horse racing, and the remainder for breeder awards. Additionally, it mandates that fixed odds wagering must comply with specific regulations and defines the types of wagers that can be accepted.

The bill also includes various amendments to existing definitions and regulations surrounding racehorse wagering, ensuring that fixed odds wagering is clearly defined and regulated. It specifies that only licensed operators can accept these wagers and outlines the duties of the Louisiana Gaming Control Board in establishing guidelines for this new form of wagering. The effective date of the bill is contingent upon the governor's signature or the expiration of the time for bills to become law without signature.

Statutes affected:
HB547 Original: 4:149(A), 27:44(22), 27:205(30), 27:602, 27:625(G)(4)
HB547 Engrossed: 4:149(A), 27:44(22), 27:205(30), 27:602, 27:625(G)(4)
HB547 Enrolled: 4:149(A), 27:44(22), 27:205(30), 27:602, 27:625(G)(4)
HB547 Act 291: 4:149(A), 27:44(22), 27:205(30), 27:602, 27:625(G)(4)