Louisiana fantasy sports betting moves one step closer as tax rate set at 8%
The governor of Louisiana has approved a tax rate of 8% for fantasy sports betting in the state.
Governor John Bel Edwards has signed the state’s latest fantasy sports tax bill more than 18 months after 47 Louisiana state parishes approved the vertical.
Although the parishes voted to approve fantasy sports in 2018, competitions could not begin until a tax rate was set by officials.
The approved bill was signed after being introduced in a special session of the state’s legislature by representative John Stefanski.
The 8% tax rate will apply to net revenue for all fantasy sports competitions.
On June 11, Edwards approved a sports betting bill for Louisiana which will allow voters to decide whether their parishes will have legal sports betting. A referendum will be held in each parish on November 3.
If parish voters approve sports betting, the Gaming Control Board will work with state lawmakers to create frameworks for the new betting markets, including regulation, taxation and licensing.
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