The main purpose of this legislation is to change the tax rules regarding sports betting. Specifically, it aims to exempt sports betting from the existing excise tax that applies to authorized wagers. This change is intended to encourage the growth of the sports betting industry by reducing the financial burden on operators and potentially making it more accessible to consumers. Key provisions of the legislation include an amendment to the Internal Revenue Code that specifies sports betting will not be subject to the excise tax if it is legal under state law or an approved tribal compact.