Can Louisiana Get Back Millions in Lost Gambling Tax Via Sports Betting?

Can Louisiana Get Back Millions in Lost Gambling Tax Via Sports Betting?

The coronavirus pandemic was bad for the US states but particularly terrifying for the casino industry. The furlough, revenue loss, and deep gaps in states’ gambling taxes have got the legislators thinking. In times of need, could Louisiana online gambling be the savior that the authorities need?

Sports betting legalizing

Several states in the US have legalized sports betting in 2020, despite the setbacks they faced during the year. Louisiana, the state’s tax revenue was negatively impacted as millions of dollars from gambling properties suddenly vanished. The state legalized sports betting in November 2020 but its legislature still needs to work out the licensing and taxation details before sports betting is officially launched.

Can Louisiana Get Back Millions in Lost Gambling Tax Via Sports Betting?

After the Supreme Court ruling that struck down PASPA in 2018, many states took the initiative to legalize sports betting and get a new source of revenue. The leaders of this change were states like New Jersey which now have a flourishing athletic wagering market that is competing directly with Nevada and breaking new records. States like Iowa have already completed the legal process and their sports betting apps are ready to launch. On the other hand, there are states like Florida that are yet to start legislation.

Louisiana’s industries are bleeding

The casino, hospitality, entertainment, and leisure industries in Louisiana are facing the bad effects of the pandemic. Restaurants, bars, hotels, movie theaters, and casinos, alongside other venues, have also indicated millions in dollars in losses. Wade Duty, the executive director of Louisiana Casino Association said, “All in with the reduced ability to support customer demand and the non-gaming amenities, the loss to the state will be in excess of $100-million.” He said that the non-gaming revenue has also suffered losses, just like other sectors of the entertainment and dining industry.

He talked about taxing sports betting in the state, saying that competition from other states and the pandemic has impacted the state’s casinos. Sports betting is legal in 55 parishes in the state after a November vote.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.