SB 1988 proposes the complete abolition of the Texas state lottery by repealing Chapter 466 of the Government Code and eliminating all statutory references to the lottery. The bill dissolves the lottery division within the Texas Lottery Commission, transferring its remaining functions, including outstanding prize payments and enforcement responsibilities, to the commission until all obligations are settled. The bill ensures that lottery funds on hand as of January 1, 2026, will be redirected exclusively to the Foundation School Program. It also removes references to the lottery from various state statutes, including those governing regulatory, financial, and criminal provisions related to lottery operations.