Lawmakers in Louisiana to Discuss Proposing Increased Taxes on Sports Betting
Title: Cash In, Louisiana! Sports Betting Tax Hike Bill HB 639 Aims to Boost NCAA D-1 Athlete Funding
By: Mike "The Shark" Savio (05/02/2025 02:20)
(Photo by Michael Maples, U.S. Army Corps of Engineers, Public domain, via Wikimedia Commons)
Mike "The Shark" Savio, your go-to guy for all things casino and betting, brings you the dirt on HB 639! Since my days in Vegas, I've been on top of the retail scene, and now as the online industry takes over like a cocky frat bro at a sorority party, I keep you in the loop! Check out my latest articles at casinos.com for a taste of the action!
HB 639: A Game Changer for Louisiana
There's a new kid on the block in Louisiana politics - Rep. Neil Riser's bill, HB 639, seeking to raise taxes on sports betting from 15% to a whopping 32.5%! This baby just scraped by the House Appropriations Committee with a vote of 20-1. That's right, y'all - 20 to 1!
So why's the Bayou State getting all giddy about this tax hike? Simple: NCAA Division I athletic programs are about to get a billion-dollar sports bra extension!
HB 639: The Nuts and Bolts
With HB 639 in play, 25% of the tax proceeds will flow directly into the Supporting Programs, Opportunities, Resources, and Teams (SPORT) Fund. This fund will shower benefits upon our beloved student-athletes at institutions like LSU, Louisiana Tech, and more. Each participating school can expect around $2.8 million annually!
Insights from the Shark Tank
Unfortunately, there's not much chum for you to chow down on in terms of Michael Savio's insightful take on HB 639. But let's face it - we've got bigger fish to fry! The bill has attracted mixed reactions, with industry lobbyists grumbling over the increased tax rate, and lawmakers hoping to reel in some extra cash for education and sports programs.
Sound Off, Louisiana!
What do you think about HB 639? Will you bet on its success, or do you think it's a gamble that won't pay off? Let us know in the comments, and remember - with Mike "The Shark" Savio, you'll always hit the jackpot!
Sources:- [1] Louisiana Illuminator: House committee advances bill to boost sports betting tax- [2] The Advocate: How a higher tax rate on sports betting could affect Louisiana- [3] Sports Handle: Proposed tax increase in Louisiana could have major impact on sports betting revenue- [4] Fox News: Higher taxes on sports betting could be bad news for Louisiana consumers, industry experts say- [5] The Daily Advertiser: Louisiana Louisiana House panel approves bill to raise taxes on online sports betting
- Mike Savio, an expert on sports betting and online casinos, discusses HB 639, a bill that seeks to increase taxes on sports betting in Louisiana from 15% to 32.5%.
- HB 639 is intended to boost funding for NCAA Division I athletic programs, with 25% of the tax proceeds to flow into the SPORT Fund for educational and self-development opportunities for student-athletes.
- The bill has attracted mixed reactions, with some industry lobbyists grumbling about the increased tax rate while lawmakers hope to reap additional funds for education and sports programs.
- The author suggests that readers check out his articles at casinos.com for more insights on HB 639 and other related topics.
- Critics argue that a higher tax rate on sports betting could negatively impact consumers and the industry, similar to concerns over an online casino in Las Vegas.
- The article invites readers to share their opinions on HB 639, encouraging them to comment on whether they think it will be successful or not.
