Gov John Bel Edwards has officially signed the Louisiana sports betting referendum bill, Senate Bill 130, a move that could see legalized betting in the state by 2021.
Although the bill does not legalize sports betting immediately, it empowers voters to share opinions on the topic when voting takes place in November.
The referendum will be found on the November election ballot. If all goes as planned, the move could pave the way for the legalized sports betting in Louisiana by the fall of 2021.
Parishes Will Have Their Say
Each of the 64 parishes in Louisiana will have a say whether or not they support the sports betting bill as the referendum work in a way in the state that there is no state-wide blanket decision.
However, the state steps in matters like deciding the tax rate, and setting up regulations for the betting industry. Besides, Louisiana has hinted to consider mobile sports betting as an added option.
However, one particular concern is that it took Lousiana two years to set up the tax rate and regulations for Daily Fantasy Sports.
“This was an industry that was voted on by 47 parishes back in 2018. This shows that even with a vote to move forward with legalized sports betting, live betting is still a long way off. In fact, it was only last week that Edwards went ahead and signed the bill that would set up the fantasy sports regulations.”
Louisiana is not the only state that is requiring a referendum on the November election for this process. Maryland and South Dakota are doing the same.
California is also taking strides to catch with these states as it is trying to get sports betting referendum too on its bill. The Golden State’s move would legalize sports betting at the horse tracks, and the tribal casinos located in California.
Louisiana Can Use the Injection of Cash
Like various other states, Louisiana could use the infusion of cash that the revenues would offer. Indeed, many expect it as an economic boost that could help sustain many other dwindling markets.
For now, gambling is legal is casinos, on riverboats, and on video poker machines. A majority of which has reopened to the general public following months of closure that began in mid-March.
However, despite their reopening, it will take days and months before normalcy returns to the gambling industry.
Legalized sports betting has been trying to assert its significance for quite some time. Initially, it was expected to legalize in 2019, but politics delayed things like the argument in favor could not draw a two-third majority of the legislators.
Heated debates, uncertainty, and lack of the required majority left many who wanted the sports betting to be legalized.
Another major concern is that Louisiana has been constantly losing tax revenue to the neighboring states like Mississippi and Arkansas. Both already have legalized sports betting.