Lawmakers are hoping the move will revive the state's dying equine industry.
The Pegasus World Cup Invitational Stakes was established in 2017 and is hosted every January just north of Miami.
Louisiana is one of the states where the roots of horse racing go back to the beginnings of the sport on the continent.
Even with the prevalence of the Kentucky Derby, not all states allow gambling.
In just four steps, you can get a ticket of your own to the races.
Internet gambling is illegal, but social betting and horse racing are not.
The potential for winnings and social aspects make a day at the track an activity the whole family can enjoy.
Three races known as the Triple Crown are considered the pinnacle of racing.