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 continue to be available as state general funds.

The Supporting Programs, Opportunities, Resources, and Teams Fund is created to benefit athletic departments at public universities in Louisiana that participate in NCAA Division One athletics. The fund will provide financial support for student athletes, covering expenses such as scholarships, insurance, medical coverage, and facility enhancements. The Board of Regents is tasked with distributing the funds equally among eligible institutions, ensuring that the financial support does not replace existing awards or scholarships. This legislative change aims to enhance the resources available to student athletes while increasing the state's revenue from online sports wagering.

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)