After 55 out of Louisiana’s 64 parishes voted in favor of introducing sports betting in the last referendum, Governor John Bel Edwards signed legislation that will come into effect at the beginning of July. This makes Louisiana the 32nd state to allow sports betting.
20 casinos (most of them riverboats), will pay $250,000 to apply for a sports betting license. If they are approved by the gambling authorities, they will then pay another $500,000 for a license that spans five years.
Betting kiosks will also be allowed in bars and restaurants that serve alcohol to their patrons.
“SB247 fulfills the wishes of the citizens in the 55 parishes that approved the referendum last fall to allow sports wagering and HB142 will help direct funding derived from this activity to early childhood education,” noted Senate President Page Cortez said in a statement.
Casinos will need to pay 10% of the bets placed at their properties on money left over after winning bets are paid to players. Bets placed over the phone or the internet will be taxed at a rate of 15%.
The revenue collected from sports betting for the state will be divided as follows:
- One quarter (and up to $20 million) will be earmarked for the Early Childhood Education Fund.
- 12% will be split between the 55 parishes that approved the referendum.
- 2% (up to $500,000) will be given to the Behavioral Health and Wellness Fund.
- 2.5% will be given to the racetracks.
- The remaining funds will go to the general fund.
