HLS 22RS-1913 ENGROSSED
2022 Regular Session
HOUSE BILL NO. 957
BY REPRESENTATIVE SCHEXNAYDER
RACING/HORSE: Provides relative to fixed-odds racehorse wagering
1 AN ACT
2To amend and reenact R.S. 27:249.1, relative to racehorse wagering; to provide for fixed-
3 odds racehorse wagering; to provide for the percentage of audited net profits from
4 fixed-odds racehorse wagering to be used as purse supplements; to provide for the
5 definition of "audited net profits"; and to provide for related matters.
6Be it enacted by the Legislature of Louisiana:
7 Section 1. R.S. 27:249.1 is hereby amended and reenacted to read as follows:
8 ยง249.1. Issuance of permit to conduct fixed-odds racehorse wagering
9 A. The division shall issue a permit to a qualified racehorse wagering
10 operator to conduct fixed-odds racehorse wagering at the official gaming
11 establishment in accordance with the provisions of this Chapter.
12 B. An applicant for a permit to conduct fixed-odds racehorse wagering shall
13 submit with his application a written contract of the terms between the applicant and
14 the casino gaming operator authorizing the applicant to conduct fixed-odds racehorse
15 wagering at the official gaming establishment.
16 C. The division shall promulgate rules and regulations for the conducting of
17 fixed-odds racehorse wagering at the official gaming establishment in accordance
18 with the provisions of this Chapter.
19 D. The racehorse wagering operator shall deliver to the designated
20 representative at the licensed racing association operated by the racehorse wagering
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 22RS-1913 ENGROSSED
HB NO. 957
1 operator twenty-five fifteen percent of the audited net profits derived from fixed-
2 odds racehorse wagering authorized under in accordance with this Part for use as
3 purse supplements. These funds shall be used in addition to all other funds available
4 for use as purses under current provisions of law. Such amounts shall be paid
5 quarterly, within thirty days of the end of each quarter.
6 E. For the purposes of this Section and when used in reference to fixed-odds
7 racehorse wagering, "audited net profits" means gross revenue from actual wagers
8 less all of the following:
9 (1) Promotions of not more than twenty-five percent of gross revenue.
10 (2) State tax.
11 (3) Fixed-odds content or distribution fees of not more than three percent of
12 gross revenue.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 957 Engrossed 2022 Regular Session Schexnayder
Abstract: Provides for fixed-odds racehorse wagering within land-based casino and the
payment of audited net profits from such wagering to licensed racing association.
Present law provides a permitting process for a qualified racehorse wagering operator to
conduct racehorse wagering at the land-based casino and requires the racehorse wagering
operator to provide to the licensed racing association 25% of audited net profits from this
activity to be used as purse supplements.
Proposed law substantially retains present law but changes the present law amount that the
racehorse wagering operator is required to provide the licensed racing association for purse
supplements from 25% of audited net profits to 15%. Proposed law further makes present
law and proposed law specifically applicable to fixed-odds racehorse wagering.
Proposed law defines "audited net profits" as gross revenue from actual wagers minus
promotions of not more than 25% of gross revenue, state taxes, and fixed-odds content or
distribution fees of not more than three percent of gross revenue.
(Amends R.S. 27:249.1)
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.