Saturday, July 20, 2024

Data shows Louisiana gambling revenues increased in May

by BIZ Magazine

(The Center Square) – Gaming revenues in Louisiana increased in May, according to data from the state’s Gaming Control Board.

Riverboat, racetrack and video gaming had increases in revenue from April to May. Riverboats represented the highest with an 11.8% increase, or $16.4 million in adjusted gross revenue. Race tracks saw a revenue increase of 9%, or $2.4 million. Video gaming devices pulled in a 2% increase, or $1.2 million.

Despite the increase over the last month, the fiscal year that began July 1, 2023 is still showing a drop from the previous fiscal year of nearly 3% across all three gambling categories.

Daily fantasy sports and retail sports books are down, both for the month and the year to date. Retail sports books uniquely saw a lower amount of wagers and yet saw an increase in net proceeds due to a win% increase from 6.6% to 12.4%. Daily fantasy sports is struggling the most, with a whopping 38% drop from the last fiscal year.

Mobile sports books experienced the opposite trend of the traditional gambling facilities. While revenues decreased from the previous month, they are up 70.5% compared to last year and up 37.4% in wagers written. Despite an almost $4 million decrease in revenue from April to May, the mobile sports books paid the second highest monthly taxes in May, close to $250,000 more than April.

Even the growth of mobile sports books in Louisiana, riverboat, race track and video gaming devices still pull in far higher gross revenues. Riverboats have made approximately $1.5 billion this fiscal year, paying $339 million in taxes. Video gaming devices took in $689.5 million in that time span, with the state collecting $209 million in taxes.

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