Louisiana sports betting tax legislation gets the ball rolling
The Louisiana The sports betting legislative process to end what state voters started is ongoing.
Last week the House Ways and Means Committee nodded in agreement to a replacement bill from Rep. John Stefanski for him HB 628, a crucial piece to conduct sports betting in Louisiana. The bill was HB 697 with the substitute vote.
in the November 2020, 55 of the state 64 The municipalities voted on the ballot box to legalize the practice.
Louisiana Sports Betting a Multi-Bill Affair
Stefanski’s bill largely covers the fee structure and taxation of sports betting in LA. His focus on taxes is that tax policy must originate in the Louisiana house.
“I want to start with that. I know how difficult it is to get a tax off and how difficult sports betting is for some, ”Stefanski said during the hearing. “There is no exact science on this, I am ready to work with all of you.
“I want to make sure our constituents are protected from the point of view that they are getting what they want, and second, I just want it to happen. I just want it to be a reality. “
Stefanski’s bill is part of a trio of bills most likely to pass this session.
The responsibility of the Senate
Senate President Patrick Cortez takes the main momentum in regulating the industry SB 202.
Senator Rick Ward takes care of funds in SB 142.
There are several other Senate bills that also deal with regulating the industry.
How LA Sportsbook Bills would interpret
Cortez’s bill is that of the state 20th Riverboat Casinos and LA Racetracks Sports Betting Licenses. The bill requires a physical sportsbook, but each license also receives two possible mobile skins.
Stefanski’s bill also deals with a lottery component, which is essentially the Louisiana Lottery a mobile license. This enables local bars and restaurants participating in lottery games to install sports betting kiosks in Louisiana.
“If you’re a community that passed this, we’ll try to find a way to allow locals to participate,” Stefanski said.
Stefanski’s fee and tax structure for sports betting
Stefanski’s invoice calculates the 20 licenses a $ 250,000 Registration fee. A $ 500,000 The license fee then covers them for five years.
The invoice raises a 10% Tax on bets physically placed on sports betting. It places one 18% Mobile betting tax.
Stefanski said $ 10 million to $ 20 million Annually is a reasonable expectation for income from sports betting in Louisiana.
“The big kicker is mobile, it’s a great source of income,” he said. “It’s hard to compare what it’s going to do. Mississippi has cell phones, but you have to be on the field. If we are fully mobile it will be on the high end of the spectrum in my opinion. “
Is a long process waiting?
in the 2018, Voters in 47 of the state 64 Parishes approved the daily fantasy sport.
This start was partially delayed because a tax assessment failed 2019. Stefanski headed the DFS tax legislation, which was passed in 2020.
The start of DFS was further delayed by the Gaming Control Board. The state opened applications for operators in February, more than two years after electoral approval.