Sports betting in Louisiana: handle reaches $401.8m in October
Sports wagering handle increased by 33.3 per cent year-over-year.
US.- The Louisiana Gaming Control Board has published October’s online and retail sports betting revenue figures. The handle was $401.8m, up 33.3 per cent year-over-year and up 14 per cent from September.
Some $368.3m was wagered online, up 33 per cent year-on-year, and $33.6m at retail sportsbooks, up by 4 per cent. Net proceeds fell by 2 per cent to $41.5m: $41m from online betting and $0.5m from retail sports wagering locations. Parlays generated the most revenue at $23.5m while football wagers generated $7.3m. The state collected $6.2m in taxes.
Sports betting tax bill
Representative Roger Wilder has introduced House Bill 22, which aims to raise the tax rate on gross gaming revenue to 51 per cent. Louisiana currently levies 15 per cent on online sports betting GGR.
Wilder introduced HB22 during a special tax reform session called by Governor Jeff Landry. The bill has been referred to the House Ways and Means Committee. To pass, it needs a two-thirds majority vote in both the House and Senate.
The bill would also stop operators from offering promotional credits to players. Currently, promotional play is permitted and credits can be deducted from licensees’ tax calculations. Operators gave out $44.4m in promo credits during the fiscal year ended June 30.
