Louisiana is the newest state to make a law to allow residents the ability to engage in sports betting. It is hopeful that land-based, online, and mobile betting options will be available by the end of the year, with many hoping it will be in time for the upcoming NFL season. Not only will residents be able to enjoy traditional sports betting, but daily fantasy sports are also covered under the latest law.
The bill, Senate Bill No. 247, that was signed by Governor Edwards lays out the complete framework for all sports wagering to take place within the state. Looking at the breakdown of state funds, 15% of tax dollars will be used for early childhood education and 10% of state funds will be used for the Sports Wagering Allocation Fund. There will also be 2.5% allocated to the Sports Wagering Purse Supplemental Fund.
To make sure that all gamblers in the state have access to help when needed, there will be 2% of state funds used to fund the Behavioral Health and Wellness Fund that can offer assistance to problem gamblers.
Based on the latest law that has been signed into action, the state tax rate for on-site wagering on sports will be set at 10% and any mobile wagering will be taxed at 15%. All of the bills will become active as of July 1.
With the new statute that has been passed, there will be 20 licenses that are available to operating casinos, racetracks and riverboat casinos in the state. Every licensed operator will have the ability to open a retail sportsbook and maintain two digital platforms. One digital platform will be reserved for the Louisiana Lottery. Every gaming venue in the state will have the chance to apply for a license to offer sports betting at the cost of $250,000. There will be a $500,000 renewal fee that will be good for five years.
Aside from the many digital platforms that will be available. Residents will also have the ability to wager at kiosks at land-based venues that hold a Class A liquor license. These special kiosks will be overseen by the Louisiana Lottery and will be taxed at 10%.
Current land based casinos operating in the state will have the first chance at obtaining a license. These include Harrah’s New Orleans, four horse racing tracks, and 15 riverboat casinos. If any licenses are left after this, they will be granted to video poker facilities or operators of fantasy sports. The final decision will be made by the Louisiana Gaming Control Board.
When sportsbooks start to operate in the state, there will be many opportunities to place wagers and start winning. It is expected that most betting action will take place online as online bookies enter the market. At these sites, residents of LA will be able to place safe and secure wagers on all professional sports as well as Olympic sports and college events.
Sites and land venues will support all of the popular bet types so you will have the chance to enjoy the thrills of moneylines, parlays, tearers, futures, prop bets, and so much more. Hoping for a launch before the NFL season, bettors are eager to see the first sportsbook open so they can begin wagering on their favorite football teams, especially the New Orleans Saints, and prepare for Super Bowl betting.