Louisiana bans college player prop bets
More than thirty states have already banned player prop bets, or wagers on the individual performance of college athletes, and Louisiana has followed as well.In a...
Louisiana to not increase online sports betting taxes for now
A proposed bill to raise the online sports betting taxes in Louisiana from 15% to 51% has been delayed for now.
Louisiana’s online sports betting market, which handles almost $3 billion in annual bets, currently generates $54 million in state taxes. The tax increase bill was introduced by Rep. Roger Wilder, from Denham Springs, aiming to increase the tax rate from 15% to 51%, aligning Louisiana with states like New York and Vermont, which have the highest sports betting taxes.
According to the estimations from the Legislative Fiscal Office, the tax increase could add $151 million to the state’s annual revenues. However, at a recent House Ways and Means Committee meeting, Rep. Wilder requested a delay on the bill to collect more insights and opinions from shareholders. This means the bill likely won’t be revisited in the current legislative session ending November 25.
Concerns about online betting tax increase
Many industry-famous names announced their concerns about the initiative of the tax increase. Samir Moad, a representative for Caesar’s operations in New Orleans, warned that a 51% tax increase could ban new investments, citing Caesar’s Superdome sponsorship, which was initiated based on the 15% tax rate.
Despite different opinions, the bill received support from groups like Louisiana Progress and Louisiana Family Forum, two different groups that argued that tax revenue could address gambling-related social costs. If passed, tax collections for 2023-24 could have reached $182.7 million.
MGM celebrates achievement in responsible gaming sector
The American global hospitality and entertainment company MGM Resorts International announced its achievement in the responsible gaming sector by certifying more than 1,000...
