Thursday, June 13, 2024

Louisiana has record-setting month for sports betting in October

by BIZ Magazine

By Julie O’Donoghue, Louisiana Illuminator

Louisiana’s sports betting books took in $308.6 million worth of wagers in October, the highest amount ever since legal sports gambling opened up in the state two years ago.

The second highest month for sports betting was January 2023, when the wagers totaled $282.3 million, according to the Louisiana Gaming Control Board

Mobile sports betting, on cellphones and other devices, has been far more popular than in-person sports books. Last month, 89% of the $308.6 million wagered in Louisiana was bet through a mobile portal. 

But a higher amount of wagers doesn’t always equate to higher tax revenue. Sports betting can result in major payouts, which means the sport betting companies — as well as the state tax collectors — lose out in some months.

For example, September’s wagers totaled $280.1 million — $28.5 million less than October’s figure — but the proceeds from sports betting were a similar amount in both months, around $42 million.

This resulted in the tax revenue sports betting produced in September and October also being similar, around $5.3 million per month, according to state figures.

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