Fantasy sports betting just got closer to the starting gate when Louisiana lawmakers agreed to a tax rate of 8 percent. Players will compete for online cash prizes in 47 parishes where voters agreed to legalize such activity. The bill went to the governor on June 23.
Tax money will be allocated for early childhood education programs, with maybe $300,000 coming in each year, according to the Associated Press.
With legislative action completed, the Louisiana Gaming Control Board can begin to license operators of fantasy sports contests. The tax will be charged on the net revenues of fantasy sports operators in the state—taxing the total entry fees collected minus the winnings paid out.
