Louisiana House approves DFS bill
The House of Louisiana approved a fantasy sports (DFS) tax and regulation bill and sent it to the Senate.
US.- Louisiana wants to become the latest state to approve daily fantasy sports (DFS) in the US. The Louisiana House approved this week a DFS tax and regulation bill and sent it to the Senate for its first hearing. The bill needs full approval before June 6, when the legislative session ends.
The DFS bill gained half of the full passage it needs to become law in the Louisiana House. The legislative piece establishes that the tax rate for fantasy sports would stand at 15%, which would be the highest in the country.
Fairness for Fantasy Sports spokesman Ryan Berni said: “Fan Duel and Draft Kings and other independent operators would pay that on net revenue so what people put up for contests, minus winnings.”
However, those who are opposed to the measure argue that 15% is a lower rate than what other gaming activities in the same state currently pay, local media reported. Local gaming groups from Louisiana interested in DFS said that it should only be accessible within a casino or a video poker facility.
“Given the way video poker interests have been playing this so far, I think there is a concern that there will be an attempt to amend it further in the Senate, which would be an attempt to effectively kill fantasy sports,” said Berni.
Furthermore, he said: “New revenue for early childhood education, local governments would get a piece of it, so there would be a win-win everyone here, special interests who seek to block it, can’t let them win right here.”
