Governor Edwards Signs Sports Betting Bills
Governor John Bel Edwards has signed legislation creating the framework to bet on a live sporting event and a bill that spells out where the tax revenues will go. Port Allen Senator Rick Ward says the state Gaming Control Board will develop the rules and accept applications from venues that want a sports betting license.
“The point of that was so this would not drag along and by the fall. it would be up and running and people could be utilizing it as people expected to be able to do,” said Ward.
The state’s riverboat casinos, Harrah’s casino in New Orleans, and the racetracks are expected to apply for licenses.
The Louisiana Lottery Corporation will also oversee sports betting kiosks that bars and restaurants that serve alcohol can apply to have at their establishment.
Wagers will be taxed at 10-percent if the bets are placed at sports betting parlor at a casino, 15-percent tax will be applied to waters who place their bets on the internet or cell phone.
Ward believes sports gaming will generate an additional 30-to-40 million dollars in additional tax revenues.
“The main thing that came out of the dedication of those funds is that 25% of the money will go to early childhood education,” said Ward.
Tax dollars from sports betting will also go to the horse racing industry, local government, and other programs.
(Story written by Jeff Palermo/Louisiana Radio Network)