Where Does Louisiana Sports Betting Tax Revenue Go?
Louisiana has one of the lowest sports wagering tax codes among the legal U.S. states. Online and mobile wages are taxed at a 15% rate, while land-based wagers are taxed at 10%. This, along with up to 41 sportsbook licenses being granted in the Bayou State, ensures this will be one of the most competitive states.
With that said, the state is predicting a large influx of tax revenue from sports wagering. This begs the question of where will this new capital be allocated within the state budget?
Legislation was passed in mid-2021 to legalize sports betting in 55 parishes in Louisiana. However, sports betting is only just now launching on January 28th, 2022.
Louisiana Act No. 435 outlines how the tax revenue will be allocated to various projects:
- 2% or $500,000 allocated to behavioral health and wellness.
- 25% (but not to exceed $20 million) allocated to education.
- 10% allocated to horse race purse allocations.
- 2.5% allocated to quarter horse allocations.
- 2% (not to exceed) allocated to disability affairs.
- Remainder allocated to state affairs.
With the newfound tax revenue from sports wagering, the only question that remains to be seen is what the total handle looks like in Louisiana.
Below is a rundown of each sportsbook available at launch in Louisiana and their various promotional offerings.
BetMGM Lousiana will offer new players up to a $1,000 risk-free first bet. New customers can register, deposit and make their first bet without the fear of losing. If the user loses the first wager, BetMGM will refund their stake in the form of site credit. This is a great opportunity to try BetMGM.
Caesars Sportsbook has upped the benefit for new players in Louisiana by offering their royal welcome offer. Get a deposit match up to $1,500 by signing up for Caesars Sportsbook and making your first deposit. This is a great chance to try out Caesars Sportsbook.
FanDuel has been among the most popular sportsbooks in the U.S., due in no small part to their exceptional welcome bonus offers. Players will receive a risk-free bet of up to $1,000. To activate this promotion, register on the site, make your first deposit and place your first real-money wager. If a player loses their first wager, FanDuel will refund their losses in the form of a free bet up to $1,000.
Alternatively, users can utilize a different welcome bonus depending on their preference. FanDuel is offering a bet $5, win $150 on any playoff team to win their matchup promotion. It is important to note that this offer pays cash as opposed to site credit. This unique promotion can be claimed by making a fist-time deposit and placing a $5 wager on the NFL playoffs. Winnings will be fulfilled within 72 hours.
Get up to a $1,000 deposit bonus at DraftKings with your first deposit in Louisiana. To qualify, register for an account and make your first deposit. Upon deposit, you will see your bonus credit listed in your account.
Louisiana Sportsbook Offers
Caesars: Up To $1,500 Deposit Match
BetRivers: Up To $250 Bonus Match