The legislative process for Louisiana Sports betting are pushing towards the finish line this week.
Household bill SB142 passed the senate on Wednesday. Meanwhile, regulatory law SB247 is in for a third and final reading House on Thursday.
Tax assessment HB 697 goes through both chambers. It is waiting now Governor John Bel Edwards‘Signature.
Legislators are optimistic they can pass all three laws and start sports betting in Louisiana before the end of the year NFL Betting this fall. Temporary licenses will help start online betting while casinos set up sports betting for retail.
Trio of LA Sports Betting Bills
All three bills are designed to pass Louisiana sports betting to be passed by voters 55 of 64 Municipalities approved last fall. Sports betting is only allowed in these 55 municipalities.
Senate President Patrick Page Cortez is sponsor of SB 247, the most important draft law. Senator Rick Ward sponsored SB 142 and at the same time accompanied the bills in the Senate.
Representative John Stefanski sponsored HB 697, as tax bills have to be legally generated in-house. Tax bills and lottery change that includes his bill also require a two-thirds Poll.
Tax revenue used for sports betting
Ward’s bill sat in the Senate for nearly a month while details were ironed out.
The Senate called on Wednesday to vote on the bill. It’s over 33-3 with details of where sports betting tax revenue goes in Louisiana:
- 1% to the Behavioral Health and Wellness Fund
- 20% to the Louisiana Fund for Early Childhood Education
- 10% through proportional distribution to each municipality in which taxable behavior has occurred
- 1% to the Sports betting supplementary fund
- Remaining money to the general fund
Stefanski estimated that the state could generate $ 20 million annually in taxes.
Bill to regulate sports betting for final vote
Cortez’s bill spent two weeks waiting for his day at home. That comes on Thursday after passing the Senate, 31-6, on May 19.
His bill states 20th Licenses in Louisiana: one each for fifteen Riverboat casinos, four racetracks, and a land-based casino. Each license can run a sports betting retail store and use up to two online skins.
Bettors can register online or in person for mobile sports betting.
Tax bill in your pocket
Stefanski’s invoice regulates the tax and fee structure. This bill went through the house 78-24, on 10th of May. The Senate has agreed to 32-4, on May 20th.
The invoice raises a 10% Retail sports betting tax and a fifteen% Tax on online sports betting in Louisiana. It is also hiring $ 250,000 Registration fee and $ 500,000 initial five-year license fee.
Stefanski’s legislation also provides a license for that Louisiana lottery. This will essentially act as a mobile license while also enabling kiosks in bars and restaurants across the state.
Fast pace in Louisiana
Sports betting in LA seems to avoid the problems daily fantasy sports fought with as voters approved this industry in November 2018. DFS operator applications have just been implemented in. open February expected to start in autumn.
The main hurdle for DFS was a tax assessment, which took two sessions before Stefanski cited a successful attempt.
Sponsors and several other lawmakers have been clamoring for the need to complete the process this year to satisfy voter intent. So far, the votes seem to suggest a smooth flow for the remainder of the Louisiana sports betting legislative process.
“Louisiana is once again following the example of the states around us.” Sen. Ronnie Johns said on May 19 in the Senate. “That vote today actually happened last fall when 65% of the people on this stat said we want to do this.
“People talked about it.”