Louisiana Sports Betting – Add Louisiana to the list of states with legal sports betting as Governor Jon Bel Edwards made it official on Tuesday, June 22. Both online and retail sports betting will be available in Louisiana, and the state is targeting a launch in early September.
Senate Bills 142 and 247 were the key pieces of legislation on the desk of the governor. And he gave the final stamp of approval. SB 142 outlines where the revenue would be going, and SB 247 laid the basic framework for the new industry.
Sports betting was officially legal on July 1. But the state is hoping that sportsbooks are live by the start of the 2021 NFL season. The New Orleans Saints are expected to be one of the teams that drive the market. Why not take a look at the BParlay.com NFL Betting Parlay guides for insights into betting choices.
There are 15 casinos and 5 racinos currently in operation in Louisiana. And 20 licenses will be distributed to each property. Each license will come with two online skins, and these properties are expected to begin seeking out partnerships immediately.
Early Childhood Programs Getting Funding
One issue that was delaying the process of getting these bills passed. Was trying to determine where the tax betting revenue would go. Ultimately, Senator Rick Ward III sponsored SB 142, and that determined who would receive funding.
60% of the revenue will be sent to the state’s general fund, and 25% of the revenue will help fund early childhood programs. Sending a large portion of the revenue to education helped get both residents and lawmakers on board.
The rest of the money will be sent to smaller projects, and lawmakers can revisit this in the future.
Not a Statewide Approval
Sports betting in Louisiana will work a bit differently than it does in other states. When the question of sports betting was on the ballot in November 2020. The decision was left up to each individual parish.
55 of the 64 parishes voted in favor of sports betting, and that is where retail sportsbooks will be able to set up. This does include nearly every single current gaming property and the biggest ones.
Any establishment that holds a Class A retail license. Is eligible to apply to obtain a sports betting kiosks to be set up on-site.
Caesars Ready to Make Big Splash
The race to obtain a sports betting license in Louisiana will begin soon, and this is going to be a highly competitive market. With at least 40 online skins available, nearly all of the biggest names in the industry should get a license.
Caesars Entertainment appears primed to become a leader in Louisiana, and it is doing so by teaming up with the New Orleans Saints. In March, it was reported that Caesars would be given naming rights to the Superdome. For a price of nearly $20 million per year.
Caesars Entertainment also recently acquired William Hill, and it could become a big name in both New Orleans and throughout the entire state.