Sports wagering in Louisiana is now legal. On Tuesday, Gov. John Bel Edwards signed the final sports betting for the state. Initially, Edwards signed a bill that set the tax rates on sports betting. Now, sports enthusiasts and gamblers will bet on their favorite teams in the coming football season.
In the last November election, 55 parishes in favor of permitting sports betting. Bettors in those parishes will be able to use their smartphones to wage live events. Sports wagering will also be permitted inside casinos, bars, and restaurants that serve alcohol.
However, mobile gambling will be restricted only to parishes that voted in favor of the bill using geofencing. However, people can travel to those parishes and place their bet on a smartphone or computer.
Sports betting is expected to raise meaningful revenue if allowed on mobile devices. According to data 85 percent of sports wagering in the US is done using mobile devices.
Louisiana will be the only state in the southern region to have legal sports betting. In Mississippi and Arkansas, betting is allowed only in casinos. The two states also have not legalized sports betting.
Louisiana expects to raise $10 million to $50 million each year from sports betting. Bets placed on sportsbooks will be taxed at 10 percent, while bets placed on mobile devices will be taxed at 15 percent.
The current 20 gaming establishments in Louisiana will be allowed to handle mobile sports betting. Holders will be required to pay $250, 000 to apply for the license and $500, 000 for a five-year license.