Ward added changes to the bill during the floor meeting that detailed how the money will be distributed: “I don’t know when the first deposits would be made,” said Ward. “There is a provisional license to start doing this in the fall.”
20% TO EARLY EDUCATION 1% TO THE BEHAVIORAL HEALTH & WELLNESS FUND
The 55 municipalities that approved sports betting in 2020 will get some of the money back. Ten percent of what the state collects is separated and passed on to the municipalities in proportion to the taxes collected. The bill creates a fund to invest in comprehensive treatment facilities for those with gambling problems. The state treasurer is in control of the fund.
10% TO THE MUNICIPALITIES The bill stipulates that the education fund cannot exceed the payment of income from gambling at real sporting events in excess of US $ 10 million. Fantasy sports betting, a separate type of betting that should be up and running in the state before the fall, all funds are placed in early-stage funding.
A question was raised by Senator Jay Morris, R-West Monroe, who later voted for the law, asking Ward why racing associations get money. 1% TO THE LOUISIANA STATE RACING COMMISSION
68% GENERAL FUND The money raised by the Commission is used to complement the cash prizes for horse races in the state. That 1% is divided into thirds, with 2/3 going to the Louisiana Thoroughbred Breeders Association and the rest to the Louisiana Quarter Horse Breeder Association. Ward reassured Morris by showing what a low number of 1% is. Ward responded with a hypothetical situation where the state raised $ 5 million in one year and gave the commission $ 500,000, which satisfied Morris.
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