Louisiana sports betting tax bill signed off

Louisiana is one step closer to legal sports wagering. Governor John Bel Edwards signed off the first bill required to regulate betting in the state.

The bill

House Bill 697 was introduced back in April and was passed by the House and Senate last month. Alongside sports wagering requirements, it also defines tax rates and licensing fees required to allow sports wagering in Louisiana.

The key aspects of the bill

It set out taxing retail bets at 10% and online bets at 18%. There will also be a $250,000 (£176,853) application fee for operating licenses and a $500,000 (£353,710) fee for the license.

Sports betting providers must obtain a different type of license. The application fee will cost $100,000 (£70,742) and the license will cost $250,000 (£176,853) upfront.

Halfway there

The idea of legal sports betting was first introduced in November 2020. 55 out of 64 state parishes voted to back legal sports wagering in the state.

The bill is just one of two required to be signed off in order for betting to become legal in Louisiana. Senate Bill 247 passed the House last week but required minor amendment. It is now in the hands of the Senate.

The bill outlines the requirements for facilities to be able to hold gaming licenses, regulate gaming license recipients, and authorise wagering limitations.

If everything goes to plan, legal sports betting will launch in the state in late 2021.

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