Fantasy Sports tax and regulation bill awaiting its first hearing in the Senate
House approved Fantasy sports regulation is halfway to final passage as a bill that would tax the activity will soon receive a hearing in a Senate committee. As it stands the tax rate for fantasy sports is currently at 15 percent, which Fairness for Fantasy Sports spokesperson Ryan Berni says would be the highest in the nation.
“Fan Duel and Draft Kings and other independent operators would pay that on net revenue so what people put up for contests, minus winnings,” said Berni.
Opponents to the legislation argue it’s a lower rate than what other gaming activities in the state must pay.
The bill has seen stiff opposition from other gaming interest groups who say fantasy sports should only be accessible from within a casino, or a video poker facility. Berni says so far they’ve held those interests at bay, but….
“Given the way video poker interests have been playing this so far, I think there is a concern that there will be an attempt to amend it further in the Senate, which would be an attempt to effectively kill fantasy sports,” said Berni.
Over 60-percent of voters, and 47 parishes approved the activity last fall, and Berni says it would be a shame to see the will of those voters overturned by gaming lobbyists.
“New revenue for early childhood education, local governments would get a piece of it, so there would be a win-win everyone here, special interests who seek to block it, can’t let them win right here,” said Berni.
The legislative session must conclude its business by June 6th.