Louisiana Gov. John Bel Edwards signs sports betting regulation bills into law
Louisiana Gov. John Bel Edwards signed a pair of sports betting legislation bills into law Tuesday, paving the way for sportsbooks to go live as early as this fall.
Edwards put his signature on Senate Bill 247, which covers the regulation of sports betting and Senate Bill 142, which handles the dispersal of revenue. Edwards already signed House Bill 697, legislation that creates taxes and fees.
Louisiana will offer 20 licenses for the state’s casinos and pari-mutuel racetracks. Each licensee will receive two online skins. The Louisiana Lottery is also authorized to run sports betting kiosks at bars and restaurants that serve alcohol.
Voters in 55 of 64 parishes approved sports wagering last November. The activity will be limited to those parishes by way of geofencing.
“SB247 fulfills the wishes of the citizens in the 55 parishes that approved the referendum last fall to allow sports wagering and SB142 will help direct funding derived from this activity to early childhood education,” said Senate President Page Cortez, one of the main sponsors of sports betting legislation.
The legislation signed by Edwards goes into effect on July 1, but the Louisiana Gaming Control Board can already start writing rules and considering applications, according to The Advocate.
Existing casinos and racetracks will pay a $250,000 application fee for sports betting licenses. They will then pay $500,000 for a five-year license.
Retail sports wagers will be taxed at 10%, while online will receive a 15% tax. Taxes fall on net proceeds.
Louisiana lawmakers are confident the state will launch sports betting around the start of the NFL season in September.
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