Taxing rate: Louisiana lawmakers have agreed to the taxing rate for fantasy sports betting, moving the state closer to starting the competitions for online cash prizes in the 47 parishes where voters agreed to legalize the activity. The measure by Rep. John Stefanski, R-Crowley, imposes an 8% tax on the activity, with the dollars generated earmarked for early childhood education programs. The House voted 82-11 for the tax bill in the ongoing special legislative session, and the Senate sent it to the governor with a 36-0 vote Tuesday. Read the full story.
Decline: The U.S. economy shrank at a 5.0% rate in the first quarter with a much worse decline expected in the current three-month economic period, which will show what happened when the pandemic began to spread across the U.S. The Commerce Department reported this morning that the decline in the gross domestic product, the total output of goods and services, in the January-March quarter was unchanged from the estimate made a month ago. Read the full story.
Online ordering: Between the weeks of March 16 and April 13, consumers nearly doubled their spending on fast-food breakfast items ordered through third-party delivery services, according to Edison Trends, which studies anonymized and aggregated e-receipts from millions of U.S. consumers. Consumers’ online spending for fast-food breakfast meals peaked the week of May 11 and has since fallen slightly, CNBC reports.