As lawmakers in Louisiana iron out the final details of the state’s sports betting market, one group hopes to secure funds for child development.
US.- The Louisiana Early Childhood Care and Education Commission is hoping to use sports betting revenues for childhood education.
In a report released this week, the commission argues that the state should provide around $85.8m per year for educating children aged 0-3 and then continue to increase its annual spending for the next ten years until it reaches $839m.
The report adds that all 55 parishes which legalised sports betting this year should consider passing on the revenue to the Louisiana Early Childhood Education Fund instead of to the state general fund.
It is not yet known at what rate sports betting will be taxed at in Louisiana, although Senator Ronnie Johns has said that it is likely the activity will be taxed at a lower rate than casino games.
A study carried out by Spectrum Gaming Group in 2019 estimated that sports betting could bring in between $237m to $332m to the state of Louisiana.
The American Gaming Association’s president Bill Miller has praised the decisions of various states to legalise sports betting, saying that it will give Americans further job opportunities, extra tax revenues, and regulated entertainment options closer to home.