Sports bettors who have left their Louisiana sports betting account inactive may have their funds seized by Louisiana and placed into an unclaimed property fund.
A law signed by Gov. John Bel Edwards in June authorizes the Louisiana state treasury to move money from an inactive sports wagering account into an unclaimed property fund if that account has been dormant for three years. The law takes effect on Aug. 1, 2022.
“The money can’t help stimulate Louisiana’s economy while it’s sitting gathering dust in an account somewhere,” Louisiana State Treasurer John Schroder, told BRProud.com. “A three-year holding period brings the accounts into Unclaimed Property’s custody sooner, and we have a better chance of finding the owners (or their heirs) if we start looking for them sooner rather than later.”
Existing laws in Louisiana allow property or money to be seized after five years of inactivity or of not being claimed by a rightful owner. That includes accounts with PayPal, Amazon, eBay, iTunes, and other services. Other states have similar laws for sports betting accounts and the status of inactive funds being moved to unclaimed funds under state control.
While the monies are in the unclaimed fund, the treasury can use them to offset the cost of approved programs, and it can also earn interest from the funds. The State of Louisiana does have a website that features a database that citizens can search to see if they have any unclaimed funds.
Tips for Accessing Sports Betting Accounts You May Have Forgotten About
Sports bettors who have not signed into their accounts for more than a year are encouraged to do so to ensure they do not lose track of their funds.
If a user cannot find their login information, sportsbooks have technical support to assist you. In most cases, users of sports betting apps can request a password change online to regain access to an account.
Be sure to check your records to locate all of the accounts you have opened in the past. Many sports bettors maintain multiple accounts.
Sports Betting in Louisiana
Louisiana legalized sports betting in 2020 in 55 of its 64 parishes. The measure was approved via a vote on a referendum on the general election ballot. The initial law did not allow online sports betting or retail sportsbooks statewide.
On Jan. 28, 2022, mobile sports betting was launched in the 55 Louisiana parishes that allow the activity. BetMGM, Caesars Sportsbook, DraftKings, and FanDuel were among the sportsbooks active on that first day.
Since launching, the Louisiana sports betting market has been a big success. In May, Louisiana sports betting operators even set a national record with a 15% win rate.
A total of 20 sports betting licenses are approved by Louisiana law, but each facility that receives one can have up to two mobile licenses. That includes the state’s 15 riverboat casinos, four racinos, and one land-based casino.