House approved fantasy sports regulation is creeping closer to final passage as a bill that would tax the activity is set to be taken up 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 is the highest in the nation.
“FanDuel, Draft Kings, and other independent operators would pay that on net revenue, so what people put up, minus winnings.”
Opponents 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 the video poker interests have been playing it so far that if there was an attempt to amend it in the Senate, it would be an attempt to effectively kill fantasy sports.”
Over 60 percent of voters, and 47 parishes approved the activity last fall, and Berni says it would be a tragedy to see the will of those voters overturned by gaming lobbyists in the Senate.
“New revenue for early education, and we amended it to add local governments to get a piece of it, so there’s a real win-win here. Special interests who would seek to block it, we can’t let them win.”
Berni says if the regulatory bill is signed by the Governor this session, fantasy sports could be available by the start of the football season.
