This bill amends and reenacts several sections of Louisiana law related to pari-mutuel wagering and introduces fixed odds wagering on horse racing. It establishes the Fixed Odds Horse Wagering Purse Supplement Fund, which will receive a percentage of 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 sets forth definitions for fixed odds wagering and establishes guidelines for its acceptance, ensuring compliance with existing regulations.

The bill also includes provisions for the Louisiana Gaming Control Board to oversee the implementation of these changes, including rulemaking and the establishment of guidelines for fixed odds wagering. It specifies that fixed odds wagering can only occur under strict compliance with the newly enacted regulations. The bill aims to enhance the horse racing industry in Louisiana by providing additional funding through fixed odds wagering while ensuring that all forms of wagering remain regulated and legal.

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)