Louisiana Projected to Bring in Big Bucks by Betting This Year
Louisiana could hit record highs for sports betting in 2023. Already the pelican state has had nearly 26 million more wagers in August 2023 than it did in August 2022, an increase of more than 20%. This year alone, nearly 1.6 billion wagers have passed through brick-and-mortar and online sportsbooks, and the state saw about $1.4 billion wagered through July. (Legal Sports Report)
The $1.4 billion that was bet in Louisiana through July was up more than $237.7 million from this time last year.
The sportsbooks, online and retail, have brought in about $174.6 million in net proceeds in 2023, an increase of nearly $59 million or 50.9% at the same time last year. The tax revenue for the state has grown by $4.7 million, from $17.3 million this time last year to $21.9 million.
If football season can drive up the numbers as predicted, 2023 will far exceed the numbers from 2022.
But what does this mean for Louisiana?
Since sportsbetting was legalized in Louisiana as of October 2021, gross revenue is now at $400 million, which is great for our local economy.
The state collected $38.7 million for the 2022-2023 fiscal year, up from $14 million the previous fiscal year, which only included eight months following the legalization of casino sports books in November 2021. Legal mobile betting began just 2 months later in January 2022.
Gambling is extremely popular in the state, and a percentage of the revenue goes to the state to fund important programs. Of this revenue, Louisiana collects 25% for early childhood education, 10% goes to local governments and the rest funds gambling addiction programs and various other projects.
Sports betting has quickly become its own industry, and it doesn't look like it's going anywhere anytime soon.