Melt butter in a Dutch oven over medium-high heat; add onion, and sauté 5 to 7 minutes or until tender.
Stir in rice and garlic; sauté 2 minutes. Reduce heat to medium; add wine and bay leaves. Cook 5 minutes or until liquid is reduced by half.
Add 1 cup chicken broth, salt, pepper, and hot sauce; cook, stirring often, until liquid is absorbed.
Repeat procedure with remaining broth, 1/2 cup at a time. (Cooking time is about 45 minutes.) Remove and discard bay leaves.
* 1 cup chicken broth may be substituted for white wine.