{"id":219361,"date":"2022-06-29T17:29:50","date_gmt":"2022-06-29T22:29:50","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=219361"},"modified":"2022-06-29T17:41:26","modified_gmt":"2022-06-29T22:41:26","slug":"inactive-louisiana-sports-betting-accounts-cash-could-be-moved","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/inactive-louisiana-sports-betting-accounts-cash-could-be-moved\/","title":{"rendered":"Louisiana Moving Cash from Dormant Sports Betting Accounts to Unclaimed Property Fund"},"content":{"rendered":"

Louisiana will soon move cash from inactive sports wagering accounts to the state\u2019s unclaimed property fund. That will potentially giving the state access to bettors\u2019 forgotten funds.<\/p>\n

\"Louisiana
Louisiana State Treasurer John Schroder. The state will soon move cash from inactive sports betting accounts to the unclaimed property fund. (Image: Bond Buyer<\/em>)<\/figcaption><\/figure>\n

Under Act 510, which was signed into law by Gov. John Bel Edwards (D-LA) earlier this month, the state treasury can move money from a sports wagering account to the unclaimed property fund. That’s only if the account in question is inactive for three years. That compares with five years for other distributable property ushered into the unclaimed fund.<\/p>\n

Property distributable in the course of a demutualization, rehabilitation, or related reorganization of an insurance company, two years after the \u00a0date of the demutualization or other event covered herein if, at the time of the demutualization or other event covered herein, the last known address of the owner on the book and records of the holder is known to be incorrect, or distributions or statements are returned by the post office as undeliverable, and the owner has not communicated in writing with the holder or its agent regarding the interest, or otherwise communicated with the holder regarding the interest as evidenced by a memorandum or other record on file with the holder or its agent,\u201d<\/strong> according to text of the legislation.<\/p><\/blockquote>\n

The law goes into effect on Aug. 1, 2022. In the state, sports betting is permitted in 55 of 64 parishes<\/a>.<\/p>\n

Louisiana Sports Betting Poised to Take Off<\/h2>\n

The first full month of regulated sports wagering in Louisiana was February, and data indicated bettors there are getting in on the action.<\/p>\n

\n

That\u2019s without the benefit of LSU football<\/a> or New Orleans Saints games, indicating that when the 2022 football season kicks off, the state could be in for a substantial increase in sports betting revenue. That could be a sign some accounts that are now inactive could see more activity, which makes sense, because football is the most wagered-on sport in the US.<\/p>\n<\/div>\n

Louisiana\u2019s online\/mobile sports wagering market is among the most competitive and vibrant in the country. Operators there include Bartstool Sportsbook, BetMGM, Bet Rivers, Caesars Sportsbook, DraftKings, FanDuel, and WynnBet, among others.<\/strong><\/p>\n

Overall, Louisiana is one of the largest gaming markets in the US. Dominant land-based casino operators there include Caesars Entertainment and Penn National Gaming<\/a>.<\/p>\n

Louisiana Moves Cash from Other Accounts<\/h2>\n

While notifying account holders, states often move money from dormant accounts to unclaimed property funds.<\/p>\n

As Louisiana State Treasurer John Schroder notes, the state already employs similar tactics with inactive Amazon, eBay, iTunes, and PayPal accounts.<\/strong><\/p>\n

\u201cThe money can\u2019t help stimulate Louisiana\u2019s economy while it\u2019s sitting gathering dust in an account somewhere,\u201d said Schroder in an interview with BRProud.com<\/em>. \u201cA three-year holding period brings the accounts into Unclaimed Property\u2019s 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Louisiana will soon move cash from inactive sports wagering accounts to the state\u2019s unclaimed property fund. That will potentially giving the state access to bettors\u2019 forgotten funds. Under Act 510, which was signed into law by Gov. John Bel Edwards (D-LA) earlier this month, the state treasury can move money from a sports wagering account […]<\/p>\n","protected":false},"author":46,"featured_media":219362,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,1074],"tags":[],"acf":[],"yoast_head":"\nInactive Louisiana Sports Betting Accounts Cash Could Be Moved<\/title>\n<meta name=\"description\" content=\"Louisiana law provides for moving cash from inactive betting accounts to property fund.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/inactive-louisiana-sports-betting-accounts-cash-could-be-moved\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inactive Louisiana Sports Betting Accounts Cash Could Be Moved\" \/>\n<meta property=\"og:description\" content=\"Louisiana law provides for moving cash from inactive betting accounts to property fund.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/inactive-louisiana-sports-betting-accounts-cash-could-be-moved\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-29T22:29:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-29T22:41:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/JS-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/inactive-louisiana-sports-betting-accounts-cash-could-be-moved\/\",\"url\":\"https:\/\/www.casino.org\/news\/inactive-louisiana-sports-betting-accounts-cash-could-be-moved\/\",\"name\":\"Inactive Louisiana Sports Betting Accounts Cash Could Be Moved\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/inactive-louisiana-sports-betting-accounts-cash-could-be-moved\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/inactive-louisiana-sports-betting-accounts-cash-could-be-moved\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/JS-1.jpg\",\"datePublished\":\"2022-06-29T22:29:50+00:00\",\"dateModified\":\"2022-06-29T22:41:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Louisiana law provides for moving cash from inactive betting accounts to property fund.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/inactive-louisiana-sports-betting-accounts-cash-could-be-moved\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/inactive-louisiana-sports-betting-accounts-cash-could-be-moved\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/inactive-louisiana-sports-betting-accounts-cash-could-be-moved\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/JS-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/JS-1.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Louisiana State Treasurer John Schroder. 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