Louisiana Sports Betting Revenue Outpacing Fiscal Projections, But Casino Win Slows
Posted on: August 23, 2022, 02:50h.
Last updated on: August 23, 2022, 03:56h.
Louisiana sports betting began last October, and oddsmakers say business since has been strong.
While retail sports betting has been up and running for about 10 months, mobile operations began only in January. Sportsbooks take the bulk of their action over the internet in states that permit online sports wagering.
Through the first six months of 2022, in-person and mobile sportsbooks from January through June have delivered the state almost $13.1 million in associated tax revenue. With the football season still to come, officials believe Louisiana sports betting will provide more tax revenue in the industry’s first full year than the $30 million the state assumed during its legalization of the expanded gaming.
We have not yet experienced a football season with sports betting,” said Ronnie Johns, chair of the Louisiana Gaming Control Board (LGCB). “The college and NFL seasons are usually your biggest sources of revenue.”
Louisiana oddsmakers reported taking about 1.1 million bets since beginning their operations. Gross revenue from retail and mobile sports betting through the first half of the year was just shy of $85.4 million.
Sports Betting Boom
Louisiana sportsbooks are required to share 10% of their GGR from in-person bets with the state. Mobile sports betting revenue is taxed higher at 15%.
Unlike many of the other states across the nation that have moved to allow, regulate, and tax sportsbooks, Louisiana is seen as a sports betting oasis in the Deep South. The state’s entire western border is shared with Texas, a state long opposed to commercial gambling that has shown no signs of allowing sports betting anytime soon.
Louisiana’s two other bordering states — Mississippi and Arkansas — do allow sports betting. But Mississippi requires sports bettors to place their bets in-person at one of its casino sportsbooks.
With football king in Texas and Louisiana, and many Mississippi residents expected to travel across the state border to place a bet on their mobile devices, oddsmakers in the Pelican State are readying for a busy fall and winter.
Casino Win Retracts
Sports betting income for July hasn’t yet been released. But the LGCB revealed July slots and table game numbers for the casinos this week, and the results weren’t exactly pretty.
Louisiana’s riverboat casinos, racinos, and the state’s lone land-based casino — Harrah’s New Orleans — combined to win approximately $204.2 million last month. That’s down about 8% from July 2021.
The 15 riverboats collectively generated GGR of $152.2 million. The three Lake Charles casinos — Horseshoe, L’Auberge, and Golden Nugget — accounted for the most riverboat income at nearly $63 million.
The six gaming boats in Shreveport/Bossier City won $47.8 million, while the three Baton Rouge casinos won $20 million. New Orleans’ three regional casinos won $21.6 million, and Harrah’s New Orleans won $22.6 million. The four racetrack casinos, which only offer slots, won $29.3 million.
The riverboats’ GGR was 7.1% lower from 2021. The racinos saw revenue drop 9.4%, and Harrah’s New Orleans pushed the state industry even lower by experiencing a more than 12% GGR decline from July 2021.
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Source: casino.org
