Governor John Bel Edwards signed the Louisiana sports betting legislation. It came after voters in 55 out of the 64 parishes voted in favor of allowing sports wagering. The law would take effect on July 1.
Louisiana turns into the 32nd state to allow betting on sports.
The three legislations got a lot of help from legislators. The State Senate passed Senate Bill 247 with a vote of 78-15. Likewise, the House voted 33-3 in favor of the sports betting legislation. On the other hand, both chambers passed House Bill 142 with 93-0 in the Senate and 35-0 in the House. Those two bills set up the process for casinos to apply for sports betting licenses, construct sportsbook lounges for in-person betting, and find the right software or pay per head bookie solution for their operations.
Louisiana Sports Betting Legislation
Three weeks ago, Governor Edwards signed House Bill 697 into law. It created the framework for taxes and fees connected with sports betting. Both chambers passed HB 697 with 78-24 in the Senate and 32-4 in the House.
According to a political forum, the 20 casinos operating in the state need to pay $250,000 as an application fee for a sports betting license. Then, once approved, they need to pay $500,000 for the permit valid for five years.
The Louisiana Lottery Corp. can place sports betting kiosks in restaurants and bars. However, sports betting activities are only legal in the 55 parishes that voted in favor of sports gambling. Wagers will have a tax rate of ten percent when placed at casinos and 15 percent when placed via computers and mobile devices. There is no mention of betting with Ethereum in the state.
A quarter of the sports betting tax revenue will go to Louisiana’s Early Childhood Education Fund. 12 percent will go to the parishes that allowed sports betting. Also, two percent will go to the Behavioral Health and Wellness Fund. In addition, 2.5 percent of the proceeds will fund horse races. The remaining tax revenue will go to Louisiana’s general fund.