Brew Down: Louisiana's Sports Betting shakeup 🔥
Louisiana Governor Vetoes Bill Aimed at Restricting Sweepstakes Casinos, Deeming It Unessential
Let's dive into the spicy details of Louisiana's recent legislative moves in the sports betting scene!
Our man Grant Mitchell, a former Virginia Tech grad and ex-NCAA track star, has been all over this story, delivering the lowdown on the sports betting industry. With a solid rep in the industry, this dude's worked with top-notch entities like Forbes and VSiN 💪
When he's not slaying it in the industry, you can catch Grant grinding in the gym, exploring the city, or caught up in the big game of the day 📺
Hot Off the Press
Louisiana's political sausages are sizzling with the following key legislative developments:
Boosting Online Sports Betting Tax
In a bid to tackle a projected $338.9 million budget deficit for fiscal year 2026, the House and Senate have given the green light to an amended version of House Bill 639. This move ratchets up the tax rate on mobile sports wagers from 15% to 21.5% 💸💰
New Funding Channels
Under this revised bill, 25% of the new mobile sports betting tax revenue will be channeled to the Supporting Programs, Opportunities, Resources, and Teams (SPORT) Fund. This fund furthers athletics at public universities and offers resources for students with disabilities 🏈🏀👨🦯
Horse Racing Action
The legislature's also greenlit measures allowing fixed-odds horse racing for sportsbooks, marking a broader modernization of betting options in the state 🐎🏇
The Sweepstakes Casino Ban
Louisiana's set to ditch sweepstakes casinos, with Senate Bill 181 poised to be signed by the Governor 🚫🎰
Governor's Gavel Game
So far, there's no sign that the sports betting tax bill or related legislation has provoked a Governor's veto this session. The bills—HB 639 (tax hike) and those related to fixed-odds horse racing—have sailed through both chambers and are awaiting or have recently been sent for the Governor's signature ✍️
Historically, Governor's vetoes in Louisiana are as rare as a unicorn sighting, requiring a two-thirds vote in both legislative chambers. As of now, there are no whispers of such an event for these recent bills 🤷♂️
Veto Overrides: Louisiana Style
In the context of sports betting or state authorities, Louisiana has only overridden a Governor's veto three times in its history
- The progressive jackpot in the online casino industry could potentially increase due to the increased tax revenue from mobile sports betting in Louisiana.
- Grant Mitchell, a renowned figure in the sports betting industry, has been covering the latest developments in Louisiana's sports betting policy-and-legislation, including sports betting tax hikes and the modernization of betting options like fixed-odds horse racing.
- While tracking the sports betting scene in Louisiana, Grant might find time to play a round of blackjack or two, considering the growth in the industry and the upcoming changes in the state's betting landscape.
- With the passing of Senate Bill 181, Louisiana is set to see a shift in the finance sector as the state will phase out sweepstakes casinos, which have been a part of the general-news world, especially in the industry and politics discourse.
- Should any vetoes occur for the sports betting tax bill or related legislation currently awaiting the Governor's signature in Louisiana, it would be a remarkable event, especially considering the state's history of vetoes being as scarce as sightings of unicorns, requiring a two-thirds vote in both legislative chambers.
