This November’s general election will be something special for the state of Louisiana as they will be doing more than just electing political leaders; Louisiana voters will have the power whether or not to ‘elect’ legalized sports betting within the state.
Voters will also decide whether any or all of the parishes should allow sports betting. This essentially means that parts of Louisiana could proceed with regulated sports betting, while others refrain from it.
If all goes according to plan, sports betting is expected to be live in Louisiana by the 2021 NFL season.
How Voters May Affect Sports Betting
It is exciting news for sports fans and betting enthusiasts that the state could legalize sports betting. However, it is the time to control excitement as this ballot will only establish whether or not to proceed to the next step in this curvy legal process.
Currently, there have been no rules or regulations devised by lawmakers. It means there is a lot to decide, debate, and agree among in the coming months, likely a year. Also, there is another obstacle: creating a new tax mechanism needed for legalized sports betting, which can only happen during the odd-number years. This naturally drags the matter to 2021.
The Agreement May Not Come Easily
The past debates between the state leaders regarding sports betting suggest a consensus would not be easy to come by, meaning there will be several more debates.
Lawmakers have been voting against sports betting in the past due to “problems associated with gambling”. Their major stance is likely to influence the vote the same way. On the other hand, the group that supports the argument say that sports betting is already happening illegally, so why not regulate the industry and let the state enjoy the tax revenue.
Unfortunately for some states, sports betting revenue has not been very boasting. For instance, Mississippi extracted only $8 million over the last two years from the industry. However, other states such as New Jersey and Pennsylvania drew whopping tax revenues from this potent market. Besides, legalizing sports betting has increased the losing interest in casinos.
While projecting how much Louisiana could draw from sports betting, Louisiana Wins group claimed an estimate of $300 million. It’s a decent number, and the money could be diverted to help the state’s education system, in addition to other issues at hand.
In 2018, as many as 47 out of 64 parishes in Louisiana voted for daily fantasy betting, reflecting a clear dominance in interest in betting. However, it was not a consensus position.
This November will undoubtedly be an exciting time for the gaming industry in Louisiana. Voters will reflect just how much interest there really is with sports betting in the state. It is also yet to be seen whether or not all parishes will legalize it.