A Louisiana sports betting bill is below with another coming up
Governor John Bel Edwards signed the first of two Louisiana Sportsbook bills required to start sports betting in the state Monday.
Edwards made his mark HB 697 just a few days after another important sports betting bill, SB247, passed the House, 78-15. The senate Bill still needs House of Representatives amendments approved by the Senate before it gets to the governor’s desk.
The bills enact sports betting in Louisiana and satisfy election desires of 64% the resident of the state. Bill sponsors are hoping to get off the ground by the end of the football season and have incorporated temporary licenses to enable mobile betting while sports betting is being built in retail stores.
“I’m more optimistic now [that sports betting will launch during football season]“, Co-sponsor Representative John Stefanski said LSR on Friday morning. “We gave the Gaming Control Board the ability to issue provisional licenses so that even if they don’t have physical sports betting they can go live with a mobile application. It is very likely. “
A third bill SB142, applies sports betting tax revenue pending approval from the house.
Outlook for sports betting in Louisiana
There is no evidence that the governor will violate an electoral mandate and veto the bills. Once signed, the bills will regulate sports betting in 55 of 64 Louisiana communities that approved it November 2020.
Senate President Patrick Page Cortez sponsored SB 247 setting out key regulatory guidelines, including 20th Licenses for the state casinos and racinos.
Retail and mobile sports betting are allowed with the licenses, with up to two online skins per license. A change passed in house allows bettors to register online or in person.
Sports betting for local businesses
Stefanski sponsored HB 697, which sets the tax and fee structure for sports betting in LA. Tax bills are required by state law in the House of Representatives and require a two-thirds majority. His bill ended its legislative term on May 20th.
Changes to the Louisiana lottery a two-thirds majority is also required. Stefanski’s bill therefore included a sports betting license for the lottery.
The lottery license will act as a mobile license and allow kiosks in local bars and restaurants. Stefanski wanted to make sure local businesses had the opportunity to get involved.
Crack the numbers
Stefanski’s bill comes up $ 250,000 License application fee and a $ 500,000 five year license fee. His bill also sees one 10% Tax on retail bets and fifteen% in online betting.
The representative estimates of the state can be up to $ 20 million annually from sports betting income. Other estimates range up to $ 50 million.
Senator Rick WardInvoice, SB142dictates where the money goes. The bill was passed in the Senate on Wednesday. On Monday, the Home Resources Committee has positively postponed the draft law with some changes to change the fund distribution:
- 25% to the Louisiana Fund for Early Childhood Education
- 12% through proportional distribution to each municipality in which taxable behavior has occurred
- 2% to the Fund for Behavioral Health and Wellness
- 1% to the Sports betting supplementary fund
- Remaining money to the general fund
Sports betting cruises through the Bayou State Chambers
With the electoral mandate behind them, the legislature implemented the sports betting laws relatively quickly.
The three bills were introduced in April and met with little resistance on their travels. This may surprise some as Daily Fantasy Sports received similar voter support 2018 however, it will likely start around the same time as sports betting.
“The President of the Senate put his name behind the main bill and we are working intensively on the two bills,” said Stefanski. “Authors are important. That’s one of the reasons I wanted to tackle it, I have a lot of confidence in myself and I wanted it to happen.
“In the end, every single house district and senate district, except maybe one house district, voted in favor. Perhaps some parishes did not approve of this, but if you look at the districts as a whole, people supported it. It’s something that people want. “
Bigger market than it seems?
Many of the states are more than 4.6 million Residents want sports betting. That’s about 1 million fewer people than Coloradowho drew $ 2.3 billion in betting during the first 12 months of legal sports betting.
There is a vibrant sports fan base, especially for the college sports teams of LSU. Louisiana is also home to two professional sports teams: New Orleans Pelicans and Saints of New Orleans. Caesar’s conversation will likely get the naming rights for the Superdome, Home of the saints, this year.
Louisiana is a moderately significant market on its own and is also close to two large ones Texas Cities: Houston and Dallas. These markets with more than 14 million People together are less than a three-hour drive away Lake Charles and Shreveport, or where Louisiana casinos are located.