Governor John Bel Edwards is doing a final check on Louisiana’s sports betting regulations and many gaming operators are keen on getting a piece of that action.
The sports betting bill will technically go live on July 1 but the details are still a bit sketchy. What is known is that once Senate Bill 247 is signed, the state will give out 20 sports betting licenses with brick and mortar casinos and racetracks getting priority until January 1, 2022.
If there are any licenses left, other operators like fantasy sports betting operators can apply.
The sports betting application fee is set at $250,000 and the license will cost $500,000 an last for a 5 year period.
KSLA News 12
If an operator is quick to get its license approved and can move fast with its sportsbook launch, they can start accepting bets as early as fall 2021. This will be just in time for the NFL season, which is one of the most important events in the state’s sporting year.
The November 2020 elections saw voters in 56 parishes among 64 approve of sports betting. This means that sports betting will not be legal in only eight parishes in Louisiana, which means just about every prospective sports bettor will have a good chance of placing a bet in the state.
The sports betting bill makes it mandatory for bettors to be over 21 years. Next, they have to set up an account with a licensed sports betting operator in the state. They should also physically present in a legal parish in order for their bet to be considered legal. So if a bettor lives in any one of the non-legal parishes, they will need to make their way to a parish that has legal betting. The laws also make it clear that no one involved in any of the sports events can bet on them. Finally, there can be no bets on high school or youth sports events.
Louisiana Betting Taxes
HB 697 which is the bill that the Governor signed into law imposes a 15 percent betting tax on any wagers placed online or via a mobile device which a 10 percent betting fee is imposed on all in-person wagers. There is another bill which is on the Governor’s desk which is SB 142. This bill pushes for 25 percent of the revenue that the state collects to be used for early childhood education.