An inevitable part of the legalization of sports betting in Louisiana is taxes. As each US state has its own authority over how it wants to regulate taxes, it’s important to know how Louisiana is going to use this extra revenue.
Following voting by the 64 parishes in the Bayou State, online sports betting in Louisiana will be available in time for the NFL conference championships — in the 55 parishes where online sports betting was approved anyway.
Eligible voters across the state were given the opportunity to either vote for or against online sports betting within their respective parishes. Only nine parishes rejected the proposal while an overwhelming number of parishes voted to accept it.
Ultimately, this means that a bettor can only wager online in the geographical location of a parish where sports betting is now legal.
If the bettor is not located in one of these areas, geolocation technology must be implemented by all operators to identify that. This means that sportsbooks like FanDuel LA and Caesars Louisiana will then use this information to prevent bets being placed in off-limit parishes. and the bettor will be blocked from placing bets.
Tax rates for in-person and online sportsbook sites have also been agreed on by the state.
Whether online or land-based, sports betting operators need to pay taxes on the money they make after paying out winners. There is a difference between the tax rate for land-based sportsbooks and online sportsbooks, however. For online and mobile sportsbooks, the tax rate is 15%.
The tax rate is 5% lower for land-based sportsbooks and stands at 10%. This may sound like a lot, but if you compare it to the tax rate in New York, which is a jaw-dropping 51%, it’s a walk in the park.
Tax revenue coming from sportsbooks, whether online or land-based, will go to different institutions within the Bayou State. Here is a detailed breakdown:
According to LA news sources like the Monroe News Star, sports betting in Louisiana is projected to bring in $30 million annually. Additionally, $4 million of this annual revenue can come from land-based sportsbooks alone.
The Louisiana Gaming Control Board is allowed to award up to 41 online sports betting licenses in the Bayou State. This could boost tax revenue to a sky-high amount when more sportsbooks launch in Lousiana.
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