Powered by:
as known from New York Timesas known from USA Todayas known from yahoo!
VA
The Grueling Truth - Where Legends Speak / Latest Sports News & Rumors: Tailored for You / Louisiana betting tax rate – what it means for bettors

Louisiana betting tax rate – what it means for bettors

Publish Date: 01/28/2022
Fact checked by: Simon Briffa

As Benjamin Franklin famously said, β€œNothing is certain but death and taxes” and this is certainly true in the betting world. Β When Senate Bill 247 was passed and signed into law by Governor John Bel Edwards in 2021, the rules and legislature surrounding LA gambling tax were set. This article takes a look at Louisiana betting tax rates and how that may impact your pocket.

What is the Louisiana betting tax rate?

Betting tax is a payment that sportsbooks must legally pay over to the state on betting revenue after winnings are paid out, and in Louisiana the rate currently stands at 10% on betting profits from land-based locations. In-person sports betting only became legal in October 2021 and in the first revenue report from the Louisiana Gaming Control Board it was revealed the eight casinos with sportsbooks took $27.6 million in wagers during November alone! This netted $5.68 million from sports betting for the month and so 10% of that was generated in taxes.

The betting industry in Louisiana is about to shift into top gear, as several Lousiana sports betting sites go live in the next few days, and the betting tax on these wagers is set to be 15% on all online bets. In addition, all potential licensees are required to pay an initial application fee of $250,000.

Sounds like a lot of money – but how will this affect me?

Just like sportsbook operators are responsible to pay their betting tax over to the state, residents are also responsible to declare tax on their sports betting winnings. The tax regulations vary from state to state, so you need to be sure of the rules that apply specifically to Louisiana.

Gambling winnings are considered a form of income, making them subject to taxation just like other kinds of income, particularly if they are over a certain threshold. So if you win big using your Caesars Louisiana sign up bonus, be prepared to part with a percentage of your winnings.

How much tax will I pay on my betting winnings in Louisiana?

The flat rate of tax on winnings is currently set at 24%, but there are various thresholds and rules that apply depending on the game you are playing and the amount you win.

Casino winnings have certain thresholds, for example you’re only liable to pay this tax if you win more than $1,200 on slot machines or over $5,000 in a poker tournament. In these instances, the gaming establishment should issue a W-2G form when you win over these thresholds and can withhold 24% of those winnings from you.

Sports betting fans in Louisiana must report all winnings that exceed $600, provided it is 300x your stake. Again, the sportsbook may withhold 24% from your winnings.

If a licensed casino or sportsbook, BetMGM Lousiana for example, does withhold this tax from your winnings, they will issue you the form W-2G, which you then submit with your income tax return. If they do not withhold it, or you have won with an online operator, then you are responsible to report all betting wins in your annual tax return. Louisiana players can also offset their taxes by reporting their losses during the tax year.

Always confirm the facts

Betting should be fun and is a great source of entertainment, but it also comes with responsibility. In the same way that you might ask ‘is BetFred legal in Louisiana?’ when you step into the world of gambling, you also need to be crystal clear on the rules and regulations surrounding betting tax and should seek professional advice if unsure.

Β 

Read Also
Esteban de Jesus, Roberto Duran y AIDS (1972-89)
Many of us dream of celebrity sports fame, but only cruel individuals ...
The Greatest College Basketball Team of All Time
Rating the greatest college basketball teams ever has been done many times ...
Bet365 Promo
Indiana Basketball Weekly
Welcome to Indiana Basketball Weekly, your dedicated podcast for all things Indiana ...
Come Fly with me: How the 1988-89 Chicago Bulls pushed forward to an NBA dynasty.
Find the best sportsbook to bet on the NBA Playoffs! Prologue: By ...
How Do I Tax My Sports Betting Wins in New York?
Taxes, taxes, taxes. You just don’t want to think about taxes after ...
Michael Nunn and Iran Barkley Discuss Their Bout, Bob Arum, and the Four Kings
Mountains to Climb, Pebbles in Your Shoe β€œI always say that was ...
Grading every NFL team’s picks from the 2021 NFL Draft
Quickly, click away if you’re going to get upset by reading draft ...
Ranking the top 200 players in the NFL ahead of the 2021 season
This list isn’t based solely on performances from the 2020 NFL season. ...
Top 100 NFL free agents entering the 2021 offseason
Below is a list of the top 100 free agents available this ...
Lady Tyger’s Tale: How Marian Trimiar Mauled the Boxing Establishment of the 1970s and 80s
To Feed the Ambition in Your Heart is Like Carrying a Tiger ...
Latest News
Top 10 Indiana Hoosiers of the 1980s
This was the Hoosiers' greatest decade, as they ...
Top 17 Latino Boxers of All Time
Ranking the top Latino boxers of all time ...
Top 10 Pound for Pound Boxers of all time
At Lightweight, he was an all time great. ...
Top 17 Dirtiest College Basketball Coaches of all time
Today we will look at the biggest cheaters ...
Top 16 Running Backs in Big Ten History
The Big Ten started using the name Big ...
Our Latest YouTube Videos
Video: Survive and Advance: Masters Preview with Special Guest Brian Hammons
Survive and Advance: Masters Preview with Special Guest Brian Hammons
Video: Survive and Advance: UCONN Dominates again, are they an all time great team?
Survive and Advance: UCONN Dominates again, are they an all time great team?
Video: Survive and Advance: Purdue to upset UCONN? Is Caitlin Clark the GOAT? Indiana State Coach leaves!
Survive and Advance: Purdue to upset UCONN? Is Caitlin Clark the GOAT? Indiana State Coach leaves!
Top Betting Sites
Top Betting Bonuses
Bet365
Bet365
Bet365 Review
4.6/5
BetMGM
BetMGM
BetMGM Review
4.6/5
FanDuel
FanDuel
FanDuel Review
4.5/5
Caesars
Caesars
Caesars Review
4.5/5
BetRivers.com
BetRivers.com
BetRivers.com Review
4.5/5
Bet365
Bet365 Bonus
First Bet Safety Net up to $1000 OR Bet $5 and Get $150
T&Cs apply
4.6/5
At bet365 we don't do ordinary, that's why if you sign up now you'll get the choice of two great New Customer Offers, the First Bet Safety Net up to $1000 or Bet $5 and Get $150 in Bonus Bets. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply. Gambling Problem? Call 1-800-Gambler 21+
BetMGM
BetMGM Bonus
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
T&Cs apply
4.6/5
FanDuel
FanDuel Bonus
Bet $5 Get $200 in Bonus Bets if your bet wins
T&Cs apply
4.5/5
Caesars
Caesars Bonus
100% up to $1000
T&Cs apply
4.5/5
BetRivers.com
BetRivers.com Bonus
Second chance bet: Get up to $500 in Bonus Bets
T&Cs apply
4.5/5
Our Team
Mike GoodpasterJosh SchwartzSimon BriffaMark LewisSamuel Teets
Mike Goodpaster
Mike Goodpaster
Chief Editor
Josh Schwartz
Josh Schwartz
Editor
Simon Briffa
Simon Briffa
Sports Editor
Mark Lewis
Mark Lewis
Editor
Samuel Teets
Samuel Teets
US Sports Veteran
Find out what the legends have to say about sports this week....
Find out what the legends have to say about sports this week....

21+ and present in VA. Gambling Problem? Call 1-800-GAMBLER.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

Virginia Town HallCloudflareSSL
×
Your Promo Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Play now