Sports betting

Louisiana Governor signs off on sports betting tax bill

| By Robert Fletcher
Louisiana has taken a step closer to legal sports wagering after Governor John Bel Edwards signed the first of two bills required to regulate betting in the US state.

Introduced in April, House Bill 697 sets out tax rates, licensing fees and a number of other sports wagering requirements in Louisiana. The bill was passed by the state’s House and Senate last month before moving to the Governor for signature.

Key provisions featured in the bill include taxing retail bets and online bets at 10% and 18%, respectively, as well as a $250,000 (£176,857/€205,438) application fee for operating licenses and a $500,000 fee on receipt of the license itself.

The bill also stated that sports betting providers would require a unique license – attached with a $100,000 application fee and a $250,000 fee upon receipt.

The Louisiana Lottery Corporation would also be able to partner a sports betting provider in the regulated market, but would have to pay 30% of net gaming proceeds from wagering towards “expenses and costs deemed necessary to administer sports wagering”.

Read the full story on iGB North America.

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