Louisiana sports betting is on its way, and lawmakers devised a plan to spend its tax revenues. Senator Rick Ward passed Senate Bill 142, which the Senate approved via a 33-3 vote. Next, he would work with other lawmakers to finalize the rules for sports gambling in the state.
There’s still no date when people can open a pay per head bookie operation in the state. However, Ward said that the state would give out provisional licenses starting in the fall. Also, Ward added amendments to SB 142 on how to spend sports betting money.
Louisiana Sports Betting Revenue
According to the sports betting bill, twenty percent of the revenue would go to early childhood education. However, the amount should not exceed more than $10 million. On the other hand, tax revenue from fantasy sports wagering would all go to early education.
Ten percent of the sports betting revenue will go to the 55 parishes that approved sports gambling. Thus, the local communities will benefit after they voted for it in 2020. One percent of the sports betting tax revenue will go to a behavioral health and wellness fund. The bill creates a fund to make treatment centers for people with gambling problems. According to a political forum, the Louisiana treasurer will have complete control of the fund.
According to sports betting software sources, one percent of the tax revenue will go to the Louisiana State Racing Commission. Some lawmakers asked why the commission had to get money. Ward said that the commission’s share was small, and they would use it to add to cash prizes for races in the state.
The commission will divide its one percent into three, with one portion going to the Louisiana Quarter Horse Breeder Association. The remaining 2/3 will go to the Louisiana Thoroughbred Breeders Association.