Louisiana legislators to contemplate elevated taxes on sports betting
Hey there! Let's talk about the latest in the US online casino industry.
Michael Savio, a seasoned insider, has been shedding light on the online gambling scene, providing readers with insights only the insiders know. With his background in covering the retail industry in Las Vegas, he's no stranger to the world of casinos, keeping a close eye on online gambling as it booms.
In his latest piece, Michael covers House Bill 639 (HB 639), a bill aimed at bumping up Louisiana's online sports betting tax from a modest 15% to a chunkier 32.5%. This bill, authored by Rep. Neil Riser, has made its way through the House Appropriations Committee with a resounding 20-1 vote in its favor.
With strong backing in the House, HB 639 also won Senate approval, securing a 35-3 vote. All that's left now is for Governor Jeff Landry's signature to set the bill in stone and make it law.
But why raise the taxes on online sports betting? Michael's got a theory: the extra revenue will be channeled into funding the state's NCAA Division I athletic programs. If this bill becomes law, 25% of the money raked in from mobile sports betting will be diverted to the SPORT (Supporting Programs, Opportunities, Resources, and Teams) Fund. This fund is designed to provide boosters to the Division I athletic departments of Louisiana's public universities, such as LSU, UL Lafayette, and Southern University.
It's an interesting move to support the growth of collegiate athletics while avoiding raising general income or sales taxes. So stay tuned to casinos.com to see more of Michael's insights on this evolving scene!
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- Michael Savio, in his latest article, discusses the potential for Louisiana's online gambling taxes to be increased from 15% to 32.5%, with the aim of funding the state's NCAA Division I athletic programs, particularly LSU, UL Lafayette, and Southern University, through the SPORT Fund.
- With the passing of HB 639 through the House Appropriations Committee and Senate, and Governor Jeff Landry's signature needed to make it law, there is a possibility that sports betting could become a significant funding source for Louisiana's collegiate athletics.
- As the online casino industry continues to grow, the opportunity for sports betting industry expansion and its potential influence on college sports finance is an emerging topic in the online gambling scene, with Michael Savio providing insights for his readers.
