DraftKings Gets Approval for Fantasy Sports in Louisiana
Do you fancy yourself a sports franchise genius? I figure that's how anyone who plays fantasy sports must think. Because to be successful in the ranks of pretend sports team ownership you have to have a certain air of confidence about yourself. Of course, you'll need knowledge of the game and its players and if you live in Louisiana you can now play fantasy sports legally on DraftKings.
Louisiana's Gaming Control Board approved the DraftKings request for a fantasy license yesterday. That means that as of today residents in 47 Louisiana parishes can now create or log on to a previous DraftKing membership and start fantasizing and losing money.
Pardon me for being a lot pessimistic about this whole fantasy sports thing but come on, how many fantasy sports millionaires do you know? The only people I see making a darn dime off of this are the folks at DraftKings, who expect to make about $15.5 million net revenue for the current fiscal year. And, the state government of Louisiana. They estimate the state will take in about $1.25 million on tax revenue from fantasy sports players.
If you're not familiar with DraftKings. They are basically an online sportsbook where players can place wagers on different teams and different games. In this case, the company has only been granted approval to host fantasy sports through their site and app but full-on sports gaming isn't that far behind.
In fact, legislators and members of the Gaming Control Board are currently ironing out the details on what sportsbooks will look like in person and online across the state. We fully expect full-on sports wagering to be available in Louisiana parishes where it was approved by later this fall.
The hope by companies like DraftKings and state legislators is that the entire sports wagering package, including laws, locations, regulations, and taxation will be in place with at least some of the football season left. That's where the big money sports wagering takes place and if Louisiana is going to see a substantial tax benefit players will need time to play the game and spend their money.
For the sake of clarity, fantasy sports whether contested online or among friends is gambling. If you or someone you love has an issue with gambling, there are places that can help you. We encourage you to play responsibly and never take Mississippi State and the points. Don't ask me how I know, just do as I say.
Best to Worst, Super Bowl 56 Betting Odds For All 32 Teams