A proposed change in eligible promotional play rules for Louisiana sports betting operators could pay off for bettors in the state.
The change, proposed in Senate Bill 290, would allow each of the state’s 20 sports betting licensees to split their current $5 million-per-year credit on eligible promotional play between sports betting platforms starting Jan. 1, 2023. That could mean more options for bettors who have collectively wagered $457.2 million since Louisiana launched sports betting in Oct. 2021.
“It’s absolutely exceeded my expectations; I think it’s exceeded the legislature’s expectations,” Louisiana Gaming Control Board chair Ronnie Johns was quoted as saying by KSLA-TV on April 19 about the state’s growing sports betting market.
The bill was reported out of the Senate Judiciary Committee on Tuesday. It could be called to a floor vote in the Senate sometime before final adjournment of the state legislature on June 6.
More Freedom Across Multiple Platforms
Louisiana now limits eligible promotional play for sports betting to one platform per licensee. Licensees are the 20 casinos and racinos allowed to operate sports betting in Louisiana under current law. Platforms operating under those licensees include DraftKings, Caesars, FanDuel, BetRivers, BetMGM, and Barstool.
Should SB 290 become law, licensees could split their $5 million in annual eligible promotional play between platforms, up to a combined total of at or below the $5 million limit.
Platforms would also have to observe that threshold no matter how many contracts they have with licensees.
“(A sports wagering platform) may not claim more than the maximum amount of eligible promotional play per licensee … in any calendar year, regardless of the amount allocated to it by multiple sports wagering licensees,” says the bill.
Senate’s Top Brass Is Behind Proposed Change
Chances of SB 290’s passage by the full Senate are good, considering that the bill’s sponsor is Senate President Patrick Page Cortez. The Lafayette Republican also sponsored the 2021 legislation (SB 247) that enabled sports betting to launch in the Pelican State last year.
Sports betting is legal within 55 of 64 parishes where voters approved legalization by referendum in Nov. 2020. Up to 41 sportsbooks are possible, or two mobile skins per each of the 20 licensees, in addition to a sportsbook operated by the Louisiana Lottery Corporation that may open sometime this year.
Additional in-person and mobile sportsbooks are available on Native American tribal lands. Those sportsbooks include a Betfred book operated by the Tunica-Biloxi Tribe of Louisiana at Paragon Casino Resort in Marksville.
Louisiana’s sports betting market is ultimately expected to meet or exceed $300 million in annual revenue – at least half of that from mobile and online wagering.