Louisiana governor signs sports betting bills

Louisiana governor signs sports betting bills

Governor John Bel Edwards has signed two bills into law, bringing sports betting in Louisiana a step closer.

US.- Louisiana governor John Bel Edwards has signed two bills that pave the way for regulated sports betting in Louisiana. 

The regulator will now start the licensing process. If that goes as planned, regulated sports betting may be launched in time for the NFL season in September.

The new legislation comes after residents of 55 of the state’s 64 parishes voted in favour of legalising sports wagering.

Earlier this month, Edwards signed House Bill 697 (HB 697) into law, establishing the tax regime for sports betting and putting the Louisiana Lottery Corporation in charge of taxation and regulation. The bill subjects retail sportsbooks to a tax of 10 per cent tax on net proceeds. Online and mobile sportsbooks will pay 15 per cent.

Now, Edwards has signed Senate Bill 247 and Senate Bill 142. These determine how the tax proceeds will be spent and how sports betting will be regulated.

SB 142 introduces a $250,000 application fee and a licence fee of $500,000 for a five-year licence. Up to 41 sports betting skins will be available. The state’s 20 horse race tracks and casinos may each enter agreements with two operators to offer both online and mobile sports wagering. Lawmakers hope sports betting in Louisiana will raise $20m in tax proceeds annually.

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