The Future of Sports Betting in Louisiana
If you love sports betting, then you should strongly consider going to your State’s capitol, which is often referred to as the” Capitol of Sports.” This very special building is often referred to as the “ROOT of State” because it houses all the bills that need to be passed or debated into law. The state capitol is also where you’ll find all the commissions and boards that regulate everything that goes on within the state. For instance, there are all the insurance commissions that deal with things such as car insurance and health insurance.
For residents of southern Louisiana, sports betting is second nature. After a long and tough-fisted struggle at the State House and State Senate, voters in the upcoming 2021 election were given an opportunity to decide on legalized sports betting at their local parish, or as Louisiana legally calls them, county. Interestingly enough, it was in response to a voter-initiated initiative that made its way into the runoff for governor, which incumbent Louisiana Governor Bobbyrus had opposed. The new law will make Louisiana the first state in America to fully legalize sports betting. In essence, this means that any individual, team or institution can place a wager on any game in any category (Bowl, baseball, basketball, football, soccer, etc. ).
As outlined by the terms and conditions of the new-user bonus, any individual who deposits money into the new-user bonus account, regardless of whether they win or lose on their bets, will be eligible for earning additional points toward their deposit whenever they make new deposits. These new points will be added together each month and applied to the total point balance. In short, anyone who plays sports betting in Louisiana will now be able to earn rewards points towards their deposit. Each reward point can be used towards earning a discount on wagering on any game. For example, if someone deposits ten new-user points towards their account, then each time they make a new deposit they can receive one percent off of their initial deposit plus any applicable taxes.
While this system seems fairly straightforward, sports betting enthusiasts shouldn’t get too excited at the prospect of earning extra points for every wager they place. Because no money exchanges hands in a sports betting transaction, there is no way for the sports betting entity to know whether the individuals placing the wagers are being honest about the chances of a win or loss. There is also no way for the entity to determine the value of each point that is earned. This means that, while the new-user bonus may effectively reduce the amount of one person’s winnings on each bet, the individual that receives the benefit is not always one that would stand to gain much benefit from receiving such a bonus.
One concern that some residents of Louisiana have regarding the new sports betting law is that they may create a situation in which it is difficult for residents to legally place bets on sports. The law itself says that individuals who place sports bets “in Orleans shall” be subject to the laws of that particular state. Although the NBA has implemented its own system with respect to how a team performs in order to assign points for games, Louisiana is still working toward putting in place a legitimate sportsbook program in place. If an individual living in Louisiana gambles and wins, then they will need to pay out of their own pocket in order to cover legal fees and file the appropriate forms with the state. In the past, individuals that won big on sportsbooks were often given generous tax write-offs which greatly helped the industry.
Before the new law was enacted, individuals that placing bets on sports and other lottery-related events were often able to avoid having to pay out of their own pocket when they won. This meant that they had more money left over after winning the lotto to go ahead and enjoy their winnings. Because many Louisiana residents do not like gaming, the new law will likely face heavy opposition from local officials and law enforcement officials. According to the New Orleans Times-Picayune, Orleans Parish District Attorney Jim Bossier has indicated that he will not aggressively enforce the new sports betting law, but that may be unable to prevent officials from raiding the homes of illegal gamblers.
Although Bossier seems to be concerned with the well-being of lottery participants, there is no doubt that the new law has benefited gaming enthusiasts. Although state officials have not yet released the figures for the amount of cash that illegal gamblers have stolen from online sportsbooks, one thing is clear: many people are losing money on Louisiana sports betting sites because the new law is prohibiting them from receiving money off of wins that they made previously. Online gambling in general has been considered an indulgence for gamblers in recent years, but the sudden downturn in online sports betting means that some people may be forced to make moves in order to keep their businesses alive.
While it would seem that legalizing sports gambling would only benefit businesses, there is hope on the horizon. Earlier this year, representatives from the National Football League and the National Basketball Association met with Louisiana State officials to discuss a potential partnership between the two sportsbooks. Until the NBA and NFL to come to terms with the laws in Louisiana, the state is only legally allowed to operate four sports betting lines. Because Louisiana is the only state to have legalized sports gambling, officials expect the influx of cash brought on by legalized sports betting to keep coming, even during a downturn like this one experienced by the state’s legal sportsbooks. If they do decide to take advantage of the situation, it won’t be a very good idea for the state to give sportsbooks extra favors, such as allowing sports gambling on their sites.