This bill amends existing laws regarding online sports wagering in Louisiana, specifically adjusting the tax rate and allocating the generated revenue. The tax on net gaming proceeds from sports wagering is increased from fifteen percent to twenty-one and one-half percent. Additionally, the bill establishes a new allocation structure for the tax revenue, directing twenty-five percent to the newly created Supporting Programs, Opportunities, Resources, and Teams Fund, and three percent to the Louisiana Postsecondary Inclusive Education Fund. The remaining funds will be available as state general funds.

The Supporting Programs, Opportunities, Resources, and Teams Fund is designed to benefit student athletes at public universities that participate in NCAA Division One athletics. The fund will be managed by the Board of Regents, which will distribute the funds equally among eligible institutions for various benefits, including scholarships and medical coverage. Importantly, the bill stipulates that the funds cannot be used to replace existing awards or scholarships, ensuring that the financial support for student athletes is genuinely additive.

Statutes affected:
HB639 Original: 27:625(B)
HB639 Engrossed: 27:625(B)
HB639 Reengrossed: 27:625(B)
HB639 Enrolled: 27:625(B)
HB639 Act 298: 27:625(B)