Louisiana voters in 55 of the state's parishes approved sports betting last fall, and today the Governor signed a bill that creates the structure for it to happen.
The legislature put the measure on the ballot, but allowed each parish to determine if it would be legal there. To read how that measure did in Acadiana, click here.
The bill signed by the governor, which you can read here, authorizes the Louisiana Lottery Corporation to conduct sports wagering and levies a tax on sports wagering gaming.
The law adds "sports wagering" to all existing criminal laws controlling gambling in Louisiana, and also sets up a schedule for applications, permits, taxes and fees.
Among the measures are:
Defines net gaming proceeds as the amount equal to the total gross revenue of all wagers placed by patrons less the total amount of all winnings paid out to patrons and promotional play. Further provides promotional play shall not exceed an amount of $5 million per calendar year and shall be equal to an amount of promotional play related to sports wagering and actually redeemed.
Creates a 10 percent tax on net proceeds from gambling at establishments, and a 15 percent tax on sports wagering online.
Creates the "Sports Wagering Enforcement Fund" in the state treasury, which will be appropriated by the legislature and only for expenses of the Dept. of Public Safety and Corrections, the Dept. of Justice, and the La. Gaming Control Board as may be necessary to carry out the provisions of proposed law and the rules of the board.
Provides for a sports wagering license fee. Provides that the initial application fee shall be $250,000. Provides that the license fee shall be $500,000 for a term of five years. Provides that the application and license fees shall be submitted to the gaming division of state police and shall be deposited into the proposed law Sports Wagering Enforcement Fund.
Provides for a sports wagering platform provider permit fee. Provides that the initial application fee shall be $100,000. Provides that the sports wagering platform provider permit fee shall be $250,000 for a term of five years. Provides that the application and permit fees shall be submitted to the gaming division of state police and shall be deposited into the proposed law Sports Wagering Enforcement Fund.
Provides for a sports wagering service provider permit fee. Provides that the initial application fee shall be $10,000. Provides that the sports wagering service provider permit fee shall be $12,500 for a term of five years. Provides that the application and permit fees shall be submitted to the gaming division of state police and shall be deposited into the proposed law Sports Wagering Enforcement Fund.
Provides for a sports wagering distributor permit fee. Provides that the initial application fee shall be $5,000. Provides that the sports wagering distributor permit fee shall be $2,500 for a term of five years. Provides that the application and permit fees shall be submitted to the gaming division of state police and shall be deposited into the proposed law Sports Wagering Enforcement Fund.
