Sports betting is on its way to Louisiana, and legislators have a plan to carve up the tax money.
Sen. Rick Ward, a Republican from Port Allen, passed a bill through the Senate with a 33-3 vote.
Ward’s measure, Senate Bill 142, will work hand-in-hand with the final legislative rules for sports wagering that are still to be determined. 20% of the proceeds will go to early education. The bill states that the Education Fund is not to exceed over $10 million in payout from gambling revenue on real sports events. Fantasy sports wagering, a separate type of betting that should be operational in the state before fall, will deposit all of its funds into early education. The 55 parishes that approved sports wagering in 2020 will see some of the money return to them. 10% of what the state collects will be separated and given to parishes proportionately to the taxes pulled in. About 68% will be entered into the General Fund for the state to use.
