According to State Representative Mike Echols, Louisiana loses up to $4.6 billion annually in untaxed revenue. With that, operators are considering taxing unregulated online casinos in the state. Off-shore markets still draw in plenty of revenue outside of the state. Illegal operators like Stake and El Royale Casino are attracting customers through sites not based in America.
The operator Stake also has a sweepstakes casino, Stake.us. This site accepts payments from U.S. customers in exchange for online currency, which customers then use to play casino games online. Mike Echols noted that residents of Louisiana are being targeted by these illegal online operators. Illegal operators in Louisiana need to be stopped according to Echols. Unlicensed casinos continue taking advantage of customers who might not no better.
What benefits would Lousiana see from legalizing online casinos?
One major benefit the state would see from the legalization of online casinos would be stopping Louisiana from losing all taxable revenue. Howard Glaser of Light & Wonder Gaming explained how simple it is for state residents to play at an off-shore market. That factors into the $4.6 billion in yearly revenue flowing out of the state’s pockets.
Additionally, state representative Mike Echols noted another benefit of legalizing online casinos in Louisiana. It would help link revenues to existing land-based casinos through partnerships with online platforms. This is already happening in legal betting states like New Jersey and Pennsylvania according to Echols. In New Jersey, DraftKings operates through an agreement. However, some states put restrictions on online operators. That includes New York and Missouri.
The opposing side of legalizing online casinos in Louisiana
Several lawmakers across the state have concerns about legalizing online casinos in Louisiana. Their primary reasoning relates to rises in problem gambling and issues with age verification at casino games. Chris Herbert is the chairman of the Louisiana Gaming Control Board. He shared his concerns about how legalizing online casinos in the state makes it even easier for residents to wager. This could create more problem gamblers in Louisiana. Lawmakers will continue to fight against each other as gambling continues to grow across the United States.
Explore more articles like this
Subscribe to the Markets Outlook newsletter
Get critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. Delivered every Monday
Cointelegraph is a free to read website, by purchasing a product through affiliate links in our content, we may earn a commission at no extra cost for our readers. Which will allow us to finance our operations and continue with our research work for our readers. We ensure all recommendations go through in-depth editorial checks to maintain accuracy and quality. You can learn more about this on Content Guidelines and How We Rate pages.
