Lousiana Senate Eyes Online Gaming Regulation
Louisiana lawmakers have initiated discussions to weigh the prospects of regulating online gaming in their jurisdiction.
The Louisiana State Legislature will continue to explore iGaming Regulation, considering both its advantages and disadvantages.
LISTEN TO THIS ARTICLE:The Louisiana Senate Judiciary B and Revenue and Fiscal Affairs Committees convened this week to examine the growth of iGaming, regulatory frameworks, and impact across national jurisdictions where online gaming is regulated.
According to the data submitted to the committee, the 38 regulated sports betting markets in the US are expected to generate $13 billion in annual gaming revenue. In contrast, the seven US iGaming states are projected to record $8 billion in revenue by the end of this year.
Regulatory Framework Needed to Combat Illegal Gaming
Although online casinos are not legal in Louisiana, proponents are actively pushing for legislation to authorize and regulate online gaming. Advocates highlight the significant presence of illegal gaming in the state as a strong justification for establishing a regulated online gaming market.
A study by the American Gaming Association estimates that $4.6 billion has been wagered illegally through unapproved online casinos in Louisiana.
Lobbyists also argue that regulating iGaming will lead to increased protection for Louisiana residents.
There are well-documented connections between illegal online gaming taking place in the state and the money that comes from it for money laundering, for drug trafficking, and for organized crime. These are some of the reasons that states consider regulating online casino gaming to protect consumers, combat transnational crime, and capture tax revenue.
The move is also expected to help suppress the growth of unregulated sweepstakes operators in the state.
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Opposing Views on Regulated iGaming
However, despite promising revenue potential, not every industry stakeholder is keen on iGaming getting regulated in Louisiana. Organizations like The Cordish Companies, a leading entertainment operating company, have raised concerns about the venture.
Over $700 million has been invested or committed to move casinos on shore bringing tremendous economic benefits to Louisiana. But we submit that bringing iGaming to Louisiana would pull the rug out from under these projects and discourage additional land-based investment.
Cannibalization worries are also being expressed. At the meeting, representatives from The Cordish Companies cite data from three regulated iGaming markets showing a slight decline in retail casino gross revenue.
Opponents also emphasize that regulating iGaming in Louisiana will increase problem gambling, driven by the convenience and accessibility of mobile gaming.
The Louisiana State Legislature will continue to explore iGaming Regulation, considering both the advantages and disadvantages for the state's gaming market.
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