Scott Ward from the Sports Betting Alliance s the show to discuss Neil Reiser’s proposed bill on sports betting and the importance of maintaining reasonable tax rates. Ward expressed his concerns about the bill, which aims to significantly increase the tax rate on sports betting in Louisiana. He emphasized that such a drastic hike could have negative consequences for the industry and consumers.
Ward highlighted the success of sports betting in Louisiana since its legalization a few years ago, noting that it has generated substantial tax revenue and created jobs through partnerships with local casinos. He pointed out that the industry has contributed positively to the local economy, including advertising revenue that s jobs in radio stations and newspapers.
However, Ward warned that the proposed bill would increase the tax on sports betting by over 300%, which he described as unprecedented and potentially devastating for the industry. He argued that businesses need economic certainty and that such a significant tax hike would disrupt their operations. Ward predicted that the increased tax burden would ultimately be ed down to consumers, resulting in fewer promotions, reduced advertising, and worse odds for bettors.
Ward cited examples from other states, such as Ohio and New York, where similar tax increases led to negative consequences for the sports betting industry. He stressed the importance of keeping tax rates reasonable to ensure the continued growth and success of sports betting in Louisiana. Ward’s testimony aimed to persuade lawmakers to reconsider the proposed tax hike and find a more balanced approach that s both the industry and the state’s economic goals.
For more information, visit: http://betonla.org