Louisiana Regulators Finally Approved Fantasy Sports Betting License

Louisiana gambling regulators approved the state’s first fantasy sports betting license on Thursday. This approval clears the door for DraftKings to begin operations in 47 parishes where the gaming activity was approved by voters almost three years ago.

After receiving licensing clearance from the Louisiana Gaming Control Board, DraftKings announced its daily fantasy sports games would “soon be live” in seven parishes. However, the firm did not offer a precise date for fantasy sports betting in the 44th state.

Matt Kalish, the president and co-founder of DraftKings North America, said that the company will continue to expand and welcomes Louisiana to the family. The company is known for its heritage, die-hard fans, and culture.

People who participate in fantasy sports construct fictional teams of real-life athletes and score points based on how those athletes perform while playing actual games. However, websites demand a fee to enter and payout to winners. DraftKings, established in Boston, is one of the most well-known fantasy sports firms.

In November 2018, voters in roughly three-quarters of Louisiana’s 64 parishes approved the legalization of fantasy sports betting. Legislators determine the tax rates and regulatory process. The Gaming Control Board then decides who is the right candidate for the license.

DraftKings applied for a license in February, just after the gaming commission started the application process. To verify that the firm conformed to state rules, the Louisiana State Police performed a background check and financial assessment.

DraftKings predicted that the company would bring in $15.5 million in net income for the current fiscal year, producing roughly $1.3 million in tax revenue for the state, according to the agency.

Louisiana’s fantasy sports tournaments will require participants to be at least 21 years old. Games will be allowed in parishes where voters have approved them, but any person visiting the parishes could log into the sites online.

Voters also approved sports betting on live-action games in 55 parishes. Still, the Gaming Control Board hasn’t finished its regulations and application procedure to allow gambling through sportsbook sites, mobile applications, and kiosk locations in the concerned parishes.