Louisiana Governor approves daily fantasy sports

Simona Boshkova | Published 16 Jul 2020, 11:52 a.m.

There have been plenty of sports betting news in Louisiana in the last month. We’ve reported that Louisiana Governor John Bel Edwards signed the sports betting bill and the question of legalising sports betting in the state will be on the November ballot. Moreover, it was reported that the Louisiana Senate approved daily fantasy sports betting legislation. It took almost two years for the Senate to agree on the tax rate and place regulations. 

Citizens of Louisiana have been looking forward to legalising daily fantasy sports. On Tuesday, Louisiana Governor signed the daily fantasy sports betting bill, establishing an 8% tax rate for online daily fantasy sports. The Governor ended one of the final issues for daily fantasy sports wagering that has been approved by voters in 47 of Louisiana’s 64 parishes in 2018.

Tax regulations for daily fantasy sports are now set

Daily fantasy sports are becoming a reality in Louisiana and are joining the collection of gaming options in the state, which include racetracks, casino, bingo, and poker games. The daily fantasy sports bill, known as the House Bill 64, was introduced last month by State Representative John Stefanski. This bill, which sets tax regulations for daily fantasy sports at 8%, has been approved by the state House by a vote of 82-11 and was later unanimously approved by the Senate, 36-0.

Now that the bill finally received the Governor’s signature, Louisiana residents are ready to start wagering on daily fantasy sports through sites such as DraftKings and FanDuel. However, in order to be able to offer their services in the state, these operators must apply for a licence through the Louisiana Gaming Control Board and pay a $100,000 application fee. Plus, players must be at least 21 years of age to be able to play for real money prizes.

The tax rate on DFS net revenue would help fund the state’s Early Childhood Education Fund. It’s expected that the state will produce several hundred thousand dollars per year from the daily fantasy sports tax rate. What’s more, it’s likely that daily fantasy sports operators will be up and running by the end of this year, giving players the opportunity to take part in the 2020 gaming season.

New Jersey sports betting revenue increases in June

New Jersey is the next state in line to release its revenue figures for June, after Indiana and Colorado. Namely, New Jersey’s sports betting revenue experienced a great increase in June as sports slowly started to return. June’s revenue figures for this state showed a $165m total sports betting handle, which is about 40% more from May.

According to the figures that the state Division of Gaming Enforcement released, New Jersey sports betting net revenue in June 2020 was about $12m. Not only that this revenue is up 27.5% from May 2020, but is also up 30.3% from June 2019. As it seems, the past month has been a great month for New Jersey, despite the fact that many sports events were cancelled and many land-based casinos were closed. Still, mobile sports betting continued working in June which led to such revenue figures for the state. Now, some of the land-based casinos in New Jersey are opened, so the state might see bigger revenue figures in the following months.

Posted in:

Editors Choice