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WynnBet targets Louisiana sports betting market

WynnBet news

Wynnbet, the sportsbook brand owned by international gambling giant Wynn Resorts, announced last week that it had scored a deal that would give it access to Louisiana when the state launches its regulated sports betting market this month, subject to regulatory approval.

In its statement, WynnBet said that this latest agreement marks the 17th state in which the operator has market opportunity, adding that these jurisdictions constitute about 46% of the US adult population. The sportsbook further revealed that it was in the process of negotiating several access deals that would see it gain entry into seven more states.

According to the company, the addition of the seven precincts to its growing list of approved states would extend its footprint to nearly 77% of the country’s market.

However, the operator did not reveal the name of the facility or company that would be facilitating its entry into the Bayou State.

WynnBet is currently live in New Jersey, Tennessee, Indiana, Michigan, Colorado, and Virginia, and Arizona.

Louisiana regulators still working on licenses

Despite not launching on October 1 as earlier expected, Louisiana regulators have assured the state’s residents that the market will take off this month.

In a statement to the press last week, the Chairman of the Louisiana Gaming Control Board (LGCB), Ronnie Johns, said that his office is waiting for the state police to clear the 13 establishments that had applied for licenses before giving them the green light to launch.

The state’s gambling law requires the Gaming Enforcement Division, which is under the Louisiana State Police, to carry out investigations into the backgrounds of applicants and submit their findings to the Gaming Control Board for the final decision.

There are up to 20 retail permits up for grabs in the state, but only 13 eligible entities submitted their bids for licenses when the regulator opened the application window.

The LGCB had hoped to complete the license approval process sometime last month, but the state police were forced to halt the investigations for a while to respond to emergencies when Hurricane Ida hit the city of New Orleans in early September.

The chairman will sign the licenses as soon as they are approved by the state police. The Executive Director of the Louisiana Casino Association has said that the permits could be ready mid-this month.

Louisiana to roll out retail betting first

The LGCB has confirmed that is planning to issue retail permits first, and that mobile betting will come a couple of months later. This is because the process of licensing online sportsbooks will include approving vendors and platform providers from outside the state.

The Louisiana sports betting law provides for 20 retail licenses, which will be issued to four race tracks, 15 riverboat casinos, and Harrah’s New Orleans. Each of these establishments will be allowed two online skins, which means that residents of the state can expect up to 40 online sportsbook brands.

The Louisiana Lottery is also allowed to operate an online betting app as well as set up retail wagering kiosks in restaurants and bars that are licensed to serve alcohol.

Both retail and mobile wagering will be legal in 55 of the state’s 64 parishes which voted in favor or legalizing the market in the November 2020 referendum. The nine parishes where residents will not have regulated sportsbooks are Franklin, Caldwell, Jackson, West Carroll, Catahoula, Sabine, Lasalle, Winn, and Vermilion.

The state has set the tax rate for operators at 10% of the GGR for on-site sportsbooks and 15% of the adjusted gross revenue for online licensees.

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