Louisiana State University (LSU) recently announced that it will be ending its partnership agreement with Caesars Sportsbook, a move that comes in anticipation of a statewide ban on such agreements. The decision was made after the Louisiana State Legislature passed a bill that would prohibit colleges and universities from entering into sponsorship deals with sports betting companies.
The legislation, which was signed into law by Governor John Bel Edwards, is set to take effect on August 1, 2021. It is part of a broader effort to regulate sports betting in the state, which was legalized in 2020. The law also includes provisions for licensing and regulating sports betting operators, as well as establishing a tax rate on sports betting revenue.
LSU’s decision to end its partnership with Caesars Sportsbook is not surprising given the new law. The university had entered into the agreement with Caesars in 2019, prior to the legalization of sports betting in Louisiana. The partnership allowed Caesars to use LSU’s logos and trademarks in its advertising and marketing efforts.
LSU’s decision to end the partnership is also in line with the NCAA’s stance on sports betting. The NCAA has long been opposed to sports betting and has prohibited its member schools from participating in any form of sports wagering. The organization has also been pushing for federal regulation of sports betting, arguing that it is necessary to protect the integrity of college sports.
LSU’s decision to end its partnership with Caesars Sportsbook is likely to have little impact on the sports betting industry in Louisiana. While the university is a high-profile institution, it is not a major player in the sports betting market. The real impact of the new law will be felt by larger sports betting operators who are looking to enter the Louisiana market.
Overall, the decision by LSU to end its partnership agreement with Caesars Sportsbook is a reflection of the changing landscape of sports betting in the United States. As more states legalize sports betting, colleges and universities will need to navigate a complex web of regulations and restrictions in order to participate in the industry. While some schools may choose to partner with sports betting companies, others may opt to stay out of the market altogether.
