Louisiana sports betting handle down again in July
Louisiana’s retail and online sports betting handle came in at $118.3m.
US.- Louisiana’s sports betting handle was $118.3m in July, according to the Louisiana Gaming Control Board. That makes July the sixth month in a row to see a decline.
The figure was down 10 per cent from the $171.1m wagered in June. The seven online sportsbooks in Louisiana took $103.3m in bets, while retail sportsbooks were responsible for $15m. Louisiana sportsbooks took $20.6m in gross revenue, nearly double the $10.6m won in June and a hold of around 17.4 per cent.
The state collected $2.48m in taxes, up 71.8 per cent from $1.4m in June. Since the October 31 retail sports betting launch, Louisiana has generated nearly $17m in sports betting taxes.
“Historically, as I’ve done some reading across the country, July is a … slower month for sportsbooks,” Louisiana Gaming Control Board chairman Ronnie Johns said during Monday’s meeting. “So the win ratio being up we generated more money for the state and for local government for early childhood education.”
Louisiana’s mobile sports betting market opened on January 28 following the launch of sports betting at land-based casinos in October. The opening weekend saw more than 3.4m geolocation transactions, according to GeoComply.
There are 17 retail operators and seven mobile, including major brands like BetMGM, Caesars, DraftKings, and FanDuel.
Sports betting in the first half of 2022
Louisiana collected nearly $13.1m in tax revenue from sports betting through in the first half of 2022, according to the figures released by the Louisiana Gaming Control Board. From January through June, retail sportsbooks and mobile sports betting apps combined for nearly 1.1m wagers, bringing in net revenue of nearly $85.4m.
Ronnie Johns, Louisiana Gaming Control Board chair, says the state could potentially exceed the $30m tax revenue estimate that the Legislative Fiscal Office projected for the first full year of betting. It seems likely that revenue will remain strong as Louisiana heads into its first full football season with sports betting.
