Louisiana Hikes Sports Betting Taxes, Aims to Support Colleges

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00:00louisiana here states finding different ways to raise taxes on sports betting and

00:05you know louisiana is one of those states that's you know dominated by college football college

00:09basketball as you know pat lsu tulane a lot of colleges there need some extra money for those

00:16nil deals it feels like that's the direction this society yeah so this passed yesterday uh by the

00:22senate it's a house bill that initially when it was introduced in the house would have doubled

00:26the tax rate from more than doubled actually from uh 15 up to 32 they brought that down in the house

00:34during the initial discussions down to 21.5 and then the senate uh they passed it and then the

00:40senate passed it yesterday so it is moving from 15 up to 21.5 which ultimately you know isn't as

00:48drastic as that doubling of the tax but it still will bring in an extra 6.5 million or so a year

00:54in tax revenue to louisiana which to your point in the bill also includes a 25 um allocation to

01:02the division one athletic departments in the state um so yeah i don't know how much of that will be

01:06toward you know helping out nil's or just making sure the facilities are nice and then things like

01:11that um but not totally surprised that it happened uh you know louisiana lawmakers have been very active

01:18in gambling issues this year they just last week i think we talked about on the show they passed a

01:22sweepstakes casino ban uh one of four states to have done that so far this session um they also

01:29sort of talked about online casino as we headed into the session so you know i think that louisiana

01:34might be one of the states to kind of keep an eye on as we move forward in that discussion in future

01:39sessions um but yeah to your point lawmakers across the country are looking at sports betting

01:46as a way to further increase their tax revenues we saw that the proposal in ohio that that didn't make

01:52it but then we've seen the five percent increase in maryland that was signed in the budget and then

01:57of course recently uh illinois introducing that uh kind of bonkers per bet wager 25 25 yeah so i had 25

02:06cents per bet it's a pretty crazy bet but yeah interesting ways the lawmakers are looking at

02:12increasing taxes through sports betting