Governor John Bel Edwards Signs Louisiana Sports Betting into Law
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Governor John Bel Edwards took the final legislative step yesterday as he put pen to paper for Louisiana sports betting. Both bills regarding taxing and regulation have been signed into law. It is now up to the Louisiana Gaming Control Board to begin the launch process for sports betting in the state and get sportsbooks licensed.
A Quick Turnaround
It has only taken Louisiana seven months to go from the polls to law when it comes to sports betting. In November 2020, voters in 55 of 64 parishes voted in favor of legalized sports betting, and then Congress got hard at work to come up with a regulatory and taxing plan for sports betting in the state. This has been one of the quicker turnarounds that we have seen, which comes as a surprise.
Daily fantasy sports took an extraordinarily long time in the Louisiana legislature to get passed, and platforms are still having trouble with the rollout. However, sports betting is undoubtedly a much bigger and much more significant market for the Bayou State. The amount of potential tax money is large, and this is most likely the biggest difference between how fantasy sports and sports betting were treated inside the State Congress.
Getting By The Senate
Initially, the bill that was just signed by Governor John Bel Edwards, Senate Bill 247, had a mini scare when the Senate voted almost unanimously against the amendments that the House made to the bill. However, after further deliberation, the Senate did go ahead and sign off on this crucial bill. Without Senate Bill 247, sports betting would not be launching in the state as it is the one that outlines regulations and the licensing process for Louisiana.
Louisiana Sports Betting Market
With the passing of Senate Bill 247, there is a potential for 41 sportsbooks in the State of Louisiana. This puts the state up there with Maryland as one of the largest potential sportsbook markets in the United States. While the licenses will still be handed out to retail casinos, who can then partner with outside online sportsbooks, many believe that this is one of the most sportsbook-friendly sets of laws that we have seen.
The 41 potential licenses are totaled by the fact each casino can have two online sports betting skins, and there are a total of 20 casinos. Then, the Louisiana State Lottery will also receive one online sports betting skin, bringing the potential number of licenses to 41.
Many project that all the major sports betting brands will jump into the Bayou State. These sportsbooks include DraftKings, FanDuel, BetMGM, William Hill, WynnBet, BetRivers, Caesars, PointsBet, Fox Bet, Golden Nugget, and more. With 41 licenses, there will be plenty of opportunity for all sportsbooks, big and small, to enter the Louisiana market.
While Louisiana does not have a ton of professional sports teams, they do have an NFL team in the New Orleans Saints. This will be a major attraction for bettors, and sportsbooks will be vying to get a partnership with the major franchise. The New Orleans Pelicans will also be a target of sportsbooks when it comes to lucrative partnerships.
