Louisiana’s first year with legal sports betting is a financial success
It’s been an exciting 2022 for Louisiana sports bettors who are now wrapping up their first year with a legal sports betting marketplace, and according to just-released figures, that new operation has been a success, generating billions of dollars in action and millions of dollars. more in tax revenue. .
The Louisiana Gaming Control Board just held its monthly meeting, and Chairman Ronnie Johns had some impressive news to offer, including the state’s 2022 sports betting handling that hit $1.8 billion, meaning bettors residents gambled that amount in just one year of operation.
Before legalizing that activity, nearly two billion dollars in action was being spent elsewhere, either with illegal local sportsbooks or unregulated offshore sportsbooks that prevented that money from being tracked and income taxed. that generated
Now that Louisiana lawmakers have given legal sports betting the green light, the state has generated $26.4 million in tax revenue that goes directly into funds that benefit residents, a new revenue stream that could grow as that market continues to grow and evolve.
And this is only the first year for that market.
LA launched retail sports betting in November 2021 and mobile in January 2022
Once PASPA was struck down by the US Supreme Court in 2018, every state had the right to legalize, regulate and tax their own sports betting market, but no area jumped at the chance as it was more complicated than expected. due to rejection from native tribes and anti-players.
Louisiana lawmakers took until June 2021 to join in on the legal sports betting fun, which is when Gov. John Bel Edwards signed into law a bill to do just that, with each of Louisiana’s 20 casinos and racetracks of state parimutuel betting horses partnering with two mobile devices. bookmakers each.
It took some time to set up the operation there, but in November the retail market launched and began accepting legal sports bets shortly after the mobile option became available in January 2022, giving Pelican State players many new options for Place your sports action in course.
It turns out that they love to play parlays.
Both mobile and retail sportsbooks generated the majority of their revenue from Parlay Play
For anyone new to sports betting, a parlay involves placing multiple bets, with the final win depending on all the outcomes of your betting pool, an exciting way to bet on multiple games in different ways that increases your potential payout in consequence. .
In Louisiana in 2022, bettors favored the parlay game, with $96 million placed using the mobile option and $22.8 million via retail action, both figures dwarfing bets placed on other types of bets, a sign that players are they enjoy linking multiple games for their bets.
And why not in Louisiana, home to many fun sports teams like the NFL’s Saints and NBA’s Pelicans, plus many college programs featuring talented male and female athletes – all fair game for punters and punters who believe that they know better about those matchups.
Louisiana’s sports betting market is one of more than thirty in states that have already launched their own versions, and based on the numbers so far, the future looks bright for America’s second-oldest pastime.