HB 6462 Summary

• Amends the Lawful Sports Betting Act by modifying definitions in Section 3 and tax allocation provisions in Section 15 of 2019 PA 149.

• Adds definition of "pari-mutuel" as it relates to horse racing under the Horse Racing Law of 1995 (MCL 431.302) to clarify that horse racing with pari-mutuel betting is excluded from sports betting activities.

• Changes the allocation of the 5% tax portion: redirects funds from the Michigan agriculture equine industry development fund to the Michigan economic development corporation (as defined in the Michigan Strategic Fund Act, MCL 125.2004), with any annual amounts exceeding $3,000,000 reverting to the internet sports betting fund.

• Takes effect only if Senate Bill 661, House Bill 6463, and House Bill 6464 are enacted into law (tie-bar provision).