ouisiana Governor John Bel Edwards on Monday signed a bill that creates the structure for it to happen, reports KATC.
Louisiana voters in 55 of the state's parishes approved sports betting last fall. The legislature put the measure on the ballot but allowed each parish to determine if it would be legal there.
The bill signed by the governor, HB 697, 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.
The new law creates a 10% tax on net proceeds from gambling at establishments, and a 15% tax on sports wagering online. It also 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 the proposed law and the rules of the board.
The law also provides that the initial sports wagering application fee shall be $250,000, and the license fee shall be $500,000 for a term of five years.
This comes just several days after the Louisiana House of Representatives passed the final bill of the state’s sports betting plan, SB 247. This bill was approved by the House with amendments and must be sent back to the Senate for concurrence. It will likely be passed by the Senate and then also sent to the governor for his signature.
A third bill, SB 142, which provides for the disposition of funds generated by sports wagering, is being discussed by the House.