Louisiana Residents Will Now Be Able to Bet on Fantasy Sports
Governor John Bel Edwards signed a bill where Louisiana residents will now be able to bet on fantasy sports. Daily Fantasy Sports, or DFS, will have an 8% tax rate for the state. A lot of residents and sports bettors are relieved to see this finally be approved. Back in 2018, residents in 47 out of 64 parishes voted for DFS to be legalized. DFS is one of the growing betting industries that shows potential for good revenue, according to sportsbook pay per head experts.
The legislation on DFS is actually part of a set of bills that is part of a coronavirus relief package. If they can get DFS betting set up, people can now vote just before football season. Unfortunately, the road to allowing sports betting in the state is a long one. Curently, residents will need to vote to allow sports betting this November. Sports betting bookie software providers note that football is one of the hottest sports that people bet on. So, it is quite a shame that residents won’t have local sportsbooks they can bet football on.
Louisiana Fantasy Sports
The bill, Louisiana House Bill 64, is from Rep. John Stefanski, and was proposed last June 10. According to the bill, the 8% tax on net revenue of DFS will allow the state to collect hundreds of thousands each year. Passing the bill is easy- it got overwhelming support in the House last month, and has unanimous approval from the Senate.
Operators may apply for a license at the Louisiana Gaming Control Board. The application fee is $100,000. All players who wish to participate in DFS betting will need to be at least 21 years of age. This is a culmination of over more than a year of hard work from state legislators, with Fantasy Sports bills written as early as 2019. This will help the state gain funds to address fiscal deficits.
Of course, the demand for sports betting is a better market to feed in these times. Bookie tutorials emphasize the possible betting options that people can bet on each game. This means the potential for a single sportsbook to generate revenue from thousands of betting options in a week alone is very high.
