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Sports Betting Officially Legal. Beginning of Football Szn target start date
Posted on 6/22/21 at 5:46 pm
Posted on 6/22/21 at 5:46 pm
Posted on 6/22/21 at 5:50 pm to kragthorpe4heisman
Glad they are allowing smart phone betting. The sports books are fighting for customers and basically giving away money for new bettors. football season will be extra fun.
Posted on 6/22/21 at 5:53 pm to kragthorpe4heisman
Someone copy and paste the ad so we don’t have to give clicks to the worthless arse Tanden murdering BAdvocate
Never mind I’ll do it myself
Never mind I’ll do it myself
quote:
Sports betting in Louisiana is coming after John Bel Edwards signs bill into law
Sports betting is on the way in Louisiana as Gov. John Bel Edwards signed the legislation Tuesday to create the protocols and regulation of wagering on sporting events and how the proceeds will be spent.
With Edwards’ signature on Senate Bill 247 and Senate Bill 142, all the elements are place for Louisiana casinos to apply for the necessary licenses, build the sports book parlors for in-person betting and line up the contractors to handle wagering on smart phones and over the internet.
The governor already had signed, on June 4, House Bill 697, which established the taxes and fees for the wagering game.
The legislation goes into effect a week from Thursday on July 1 – in hopes that everything will be ready to go by football season this fall.
The Lafayette Republican was the driving force behind putting together the legal framework that will allow Louisiana adults to place bets on football, basketball, baseball games and other sporting events. Cortez, Sen. Rick Ward III, R-Port Allen and sponsor of SB142, along with Rep. John Stefanski, the Crowley Republican who sponsored HB697, have been working with gambling companies almost from the minute the parish-by-parish vote in November was counted. Voters in 55 of the state's 64 parishes wanted to participate. Bets will only be taken from phones, betting parlors, bars and restaurants located in those parishes once the system goes operational.
The Gaming Control Board can now start writing rules and considering applications. The 20 existing casinos – those on riverboats, at racetracks and the one on land in New Orleans – can pay the $250,000 to apply for the sports betting licenses. If they meet the suitability review – likely since the casinos having existing relationships with the state, which is why those businesses were chosen to apply first – the casinos then will pay $500,000 for a five-year license. Each license will allow the casinos to hire two providers to handle betting online and via smart phones.
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The legislative package also authorized the Louisiana Lottery Corp. to contract a provider to handle sports betting kiosks that would be placed in the bars and restaurants that serve alcohol.
Wagers would be taxed at 10%, if the bets are placed in the sportsbooks lounges that casinos are going to have to build, and at 15% on cellphones or websites. The taxes would be on the net proceeds — the amount left over after bets are covered — and would be paid by the primary licensees.
Thirty-one states allow sports betting, Louisiana would be 32.
States will handle about $5.8 billion in bets on sporting events in 2023, estimated Eilers & Krejcik Gaming LLC, a research and consulting firm for the gambling industry based in Irvine, Calif.
But how much of that amount translates into tax collections for individual states depends on tax rates, whether phones are allowed, even the location of the state.
Mississippi started sports betting in 2018 and now has about two dozen sports books, but only allows wagering on the grounds of licensed casinos. In May, Mississippi realized $466,596 in taxes from $36.1 million bet that month, according to the Mississippi Gaming Commission. New Jersey, however, led the nation in May with $814 million bet mostly using smart phone apps and websites, and collected $6.7 million in tax revenues for the month, according to Legal Sports Betting Revenue Tracker, an industry media group based in Las Vegas.
Whatever dollars do come in, the collection will be put in the fund that secures the bonds the Louisiana uses to fund construction. From there, 12% would be distributed to the parishes that approved sports betting; 2% or up to $500,000 of the profits would go to the Behavioral Health and Wellness Fund; 20%, up to $10 million, would go to Louisiana Early Childhood Education Fund; 2.5% would go to beef up horse racing purses. The rest would go to the state general fund and be distributed as legislators wish.
This post was edited on 6/22/21 at 5:55 pm
Posted on 6/22/21 at 5:54 pm to kragthorpe4heisman
I wonder if they will have kiosks next to atm machines. It would be extremely convenient for me.
Posted on 6/22/21 at 5:56 pm to PeteRose
quote:until it gets annoying with everyone standing right there
I wonder if they will have kiosks next to atm machines. It would be extremely convenient for me.
Posted on 6/22/21 at 5:58 pm to kragthorpe4heisman
Goddamn, I can't wait to whip out my smart phone and make bets all football season long.
Posted on 6/22/21 at 6:16 pm to kragthorpe4heisman
When can I enter bets on Draftkings?
Posted on 6/22/21 at 6:18 pm to kragthorpe4heisman
This is awesome!
Cannot wait !
Cannot wait !
Posted on 6/22/21 at 6:20 pm to PeteRose
quote:
I wonder if they will have kiosks next to atm machines. It would be extremely convenient for me.
if i'm betting i go to Biloxi.
things might have changed but the only casino that has a 24/7 kiosk is the Golden Nugget.
I didn't bet ANY games last year though. Just wasn't in the mood.
I did play Draft Kings each week for NFL though.
Posted on 6/22/21 at 6:27 pm to I Bleed Garnet
I wonder how payouts would work from betting on smartphones, like how long would it take to see the money in my checking account?
If it’s more than 1-2 days, I will probably just drive to L’auberge every Thursday to Monday during football season. I’m only 30 minutes from there.
If it’s more than 1-2 days, I will probably just drive to L’auberge every Thursday to Monday during football season. I’m only 30 minutes from there.
Posted on 6/22/21 at 6:30 pm to LooseCannon22282
I was at the beau rivage for 4 nights in December for CFB Championship weekend and they have 3-4 kiosks right outside the sportsbook that are 24/7.
Posted on 6/22/21 at 6:33 pm to kragthorpe4heisman
Hopefully can get some MLB action in this time period
Posted on 6/22/21 at 6:35 pm to tigers25
Dude. I was driving to downtown Detroit during most of the fall. It was a pain. The apps came online around the Super Bowl and it is an entirely different world. I'm actually burned out on it already. The payouts are usually complete within a couple of days.
I'm not sure how Louisiana will work, but in Michigan we have about 10 online books. It's the wild west. They are competing for business like crazy. My guess is you guys get MGM, Fanduel, and probably a few others like Draftkings, William Hill, or Barstool.
I'm not sure how Louisiana will work, but in Michigan we have about 10 online books. It's the wild west. They are competing for business like crazy. My guess is you guys get MGM, Fanduel, and probably a few others like Draftkings, William Hill, or Barstool.
This post was edited on 6/22/21 at 6:36 pm
Posted on 6/22/21 at 6:51 pm to tigers25
quote:
I was at the beau rivage for 4 nights in December for CFB Championship weekend and they have 3-4 kiosks right outside the sportsbook that are 24/7.
Copy That
Posted on 6/22/21 at 6:54 pm to kragthorpe4heisman
quote:
Sports Betting Officially Legal
About 5 years too late. If I still lived in state I would drive to Biloxi just to spite the Louisiana politicians.
Posted on 6/22/21 at 6:57 pm to Hurricane Mike
They’re taxing the ever living frick out of it too good lord there is no end to government stealing
Posted on 6/22/21 at 6:58 pm to MrJimBeam
So when is DraftKings/Fanduel turned on?
Posted on 6/22/21 at 7:52 pm to kragthorpe4heisman
fricking finally
Posted on 6/22/21 at 9:55 pm to hans
I’m up over $5K since sports betting became legal in November with virtually no risk
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