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As Louisiana sports betting approaches the end of its first full year of action, the market is hitting its stride, according to its top regulator. The Louisiana Gaming Control Board expects a significant jump in action when the September revenue report is released later this month. It is the first NFL betting season with mobile Louisiana sportsbooks, which launched in late January. Along with mobile sportsbooks, Industry experts said permanent retail sportsbooks are opening as well, adding to overall action.
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When Louisiana lawmakers were considering sports betting in the spring of 2021, they projected approximately $30 million in annual state tax revenue. Through August, Louisiana sportsbooks have contributed $18.3 million in taxes since retail sportsbooks launched in November 2021.
Louisiana sportsbooks generated $125.7 million in sports betting revenue on a 9.1% hold through August. Louisianans have wagered $1.4 billion since the debut of sports betting last year, according to the LGCB.
Regulators have issued 17 of 20 possible sports betting licenses to the casinos in Louisiana. Each permit can use up to two online skins, but casino operators keep those close to the vest.
PointsBet became the eighth online sportsbook to go live last month. Insiders said Penn Entertainment and Boyd Gaming had kept one online sportsbook for multiple casino property licenses.
Industry leaders also said some of the state’s largest casinos had opened their permanent retail sportsbooks, including the Caesars Sportsbook at Harrah’s New Orleans. Golden Nugget Lake Charles also opened a permanent DraftKings Sportsbook Bar & Grill.
While insiders said new retail sportsbooks are drawing strong crowds, particularly at casinos in Lake Charles and Shreveport with guests from Texas, mobile LA sports betting accounts for approximately 80% of the handle.
Industry executives recently spent time at the new $10 million DraftKings sportsbook at Golden Nugget Lake Charles, where they saw mobile in action. They have noticed the activity that included clients having meals on the property and making all their bets through mobile. This example shows the power and the future of online sports betting.
As other states, including Colorado and Virginia, rethink their promotional deduction rules to help increase tax revenue, Louisiana is continuing on its path with a $5 million per calendar year limit. While PointsBet just launched, the other seven operators largely used up their allotment by the end of August, insiders say. Executives said the legislature committed to letting it ride for a few years before changing anything. There were some early question marks about whether it was worth it when it was first rolled out. But it is doing what it is supposed to do.
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