DFS Takes A Step Forward In Louisiana

Daily Fantasy Sports, approved by Louisiana voters more than two years ago, finally has rules after being decided on by lawmakers this week, taking it one step closer.

According to the Associated Press, the Louisiana House and Senate committees that regulate gambling in the state overwhelmingly approved the regulations on Wednesday. The process of licencing operators will now begin with the Louisiana Gaming Control Board (LGCB).

Of the 64 parishes approved by the DFS in November 2018, 47 will be governed by the regulations. The remainder of the DFS process could help guide how sports betting laws and tax rates are set by the legislature.

Earlier in the year, lawmakers set the DFS tax rate and the administrative process and Gov. John Bel Edwards signed a bill in mid-July setting an 8 percent DFS tax rate.

With the votes of the committee on Wednesday, the more detailed DFS rules were set. According to the Associated Press, fantasy sports operators must be licenced by the LGCB; players must be 21 or older and register to play; and competitors in high school or youth sports competitions should not be included in the teams.

Though only permitted in the 47 parishes where it was approved by voters, if they move to the parishes that legalised it, players can log on to online platforms.

Operators would have detailed criteria for audit and reporting, AP said. The two most-prominent operators are DraftKings and FanDuel.

In Louisiana, there is hope that it would be easier than the DFS process to get sports betting up and running.

In November, sports betting was legalised by 55 parishes out of 64 in Louisiana. The topic of sports wagering was a clear yes-or-no vote, and now when it convenes in April, the state legislature will have to hammer out the particulars of how sports betting will work in that state, just as it did with DFS.

Any key concerns that need to be discussed include whether it will be retail only or whether online wagering will also include where most bettors choose to position their wagers; what companies will be allowed to have sports betting; and what the tax rate will be.

As well as race tracks, Louisiana has land-based and riverboat casinos.