Categories: News & Updates

Louisiana Embraces Fixed-Odds Horse Betting in Major Shift

A law allowing fixed-odds horse betting through internet sportsbooks has been passed in Louisiana. Despite industry concerns, the move receives strong legislative support, modernizes wagering, and increases race purses through a new fund.

The Louisiana legislature officially wants to make horse race betting more like football betting, despite warnings from one corporation that it might put another nail in the coffin of one of the country’s oldest tracks.

House Bill 547, which allows fixed-odds wagering on horse racing in the Pelican State, passed both the House of Representatives and the Senate earlier this week.

The law was adopted at the request of certain major figures in Louisiana’s horse racing sector, including former NFL quarterback and thoroughbred racehorse owner Jake Delhomme.

On Tuesday, legislators submitted H.B. 547 to Gov. Jeff Landry for signing. It is unclear if Landry would sign it into law, but the measure got solid support in the legislature’s two chambers, passing the House 98-0 on Monday and the Senate 36-1 on Sunday.

H.B. 547 would allow Louisiana’s online sportsbooks, such as DraftKings and FanDuel, to provide fixed odds for horse racing, as they do for other sports.

The competition for revenues

The measure also establishes the “Fixed Odds Horse Wagering Purse Supplement Fund,” to which 5% of the net revenues from fixed-odds gambling will go. That proceeds will subsequently be used to fund race prizes and breeding operations.

Courtesy: https://igamingexpert.com/, https://www.igbnorthamerica.com/, https://gamingamerica.com/news/

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