Sports Betting Approved in Louisiana State

By | June 26, 2021

sports_betting_in_louisiana_is_coming_after_john_bel_edwards_signs_bill_into_lawSports betting is finally approved in Louisiana after Gov. John Bel Edwards confirmed the legislation Tuesday to deliver the protocols and regulation of betting on sporting events.

After Edward signed Senate Bill 247 and Senate Bill 142, everything is prepared for Louisiana casino operators to apply for licensing, create the sportsbook parlors for in-person wagering and organize contractors for handling wagering on mobile phones and the internet.

The governor already signed House Bill 697 on June 4, establishing the taxes and mandatory fees for the wagering industry.

The legislation comes into force on July 1 and everything will hopefully be ready by the start of the football season this fall for services to launch.

According to the statement of Senate President, Page Cortez:

“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.”

Background of the Legislation

The Lafayette Republican is one of the driving forces for the legal framework that will enable Louisiana residents to place wagers on football, basketball, baseball, and additional sporting events. Cortez, Sen. Rick Ward III, R-Port Allen and promoter of SB142, together with Rep. John Stefanski, the Crowley Republican who promoted HB697, have been collaborating with gambling companies to deliver a clear regulatory framework for the sports betting approval. Wagers will only be accepted from phones, parlors, bars, and restaurants situated in parishes.

The Gaming Control Board should start with composing rules and checking the applications from operators. At the moment, there are 20 existing casinos on riverboats, at racetracks, and one in New Orleans which would pay the $250,000 for the application for sports betting licenses. If they fulfill the requirements of the suitability review, the casinos will only pay $500,000 for a five-year approval. Each license will enable the casinos to hire two suppliers to manage betting online and via mobile phones.

The legislative instruments allowed the Louisiana Lottery Corp. to find a provider which will handle sports betting kiosks placed in the bars and restaurants serving alcohol. Going forward, wagers would be subject to 10% tax, if the wagers are placed in the sportsbook lounges and at 15% on phones or websites. The taxes will be applicable on the net proceeds and paid by the original licensees.

At the moment, thirty-one states already allow sports betting and Louisiana would be 32.

Source:

“Sports betting in Louisiana is coming after John Bel Edwards signs bill into law, theadvocate.com, June 22, 2021.

The post Sports Betting Approved in Louisiana State first appeared on RealMoneyAction.com.

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