Louisiana Collects $13.1 Million in Sports Betting Revenue in H1

Based on the numbers reported by the Louisiana Gaming Control Board, sports betting in the state of Louisiana has contributed almost $13.1 million in the form of tax revenue during the first six months of 2022.

Louisiana Fresh Sports Betting Market Fairs Extremely Well

During the first half of 2022 the total bets coming from retail and online sports betting in Louisiana amounted to 1.1 billion. This of course brought in significant profits with net revenue amounting to almost $85.4 million. This resulted in tax revenue of about $13.1 million filling the state coffers.

The state of Louisiana is a relatively new sports betting market. Sports betting was legalized when Governor John Bel Edwards signed it into law in June 2021. On October 31, 2021, the first step of launching the Louisiana sports betting market was made with the start of retail sports betting. On January 28, 2022, the first online sports betting providers started doing business in Louisiana.

January brought record results for Louisiana’s sports betting just days after the launch of online activities. Mobile wagering was available in just four days of January but it brough a handle of $10 million per day, which totaled $40.4 million in such a short period.

Louisiana Sports Betting on Course to Exceed the $30 million Tax Revenue Forecast

The initial forecast from the Legislative Fiscal Office of $30 million in tax revenue for 2022 will most probably be exceeded by the end of the year as sports betting in Louisiana is yet to see the coming NFL and NBA seasons.

If one looks at the results from other states where sports betting was legalized earlier, such as New Jersey, Delaware, Mississippi, and Pennsylvania, it goes to show that all of them collected higher revenue during the second half of 2021 compared with the first six months of the same year.

US Sports Betting Revenues on Their Way to Break All Records in 2022

According to the latest numbers released by the American Gaming Association, sports betting across the United States is going to break all records in 2022. For the first six months of the year, ending on June 30, 2022, the sports wagering market brough in revenues of $3.04 billion. This represents a 63.9% increase compared to the same period in 2021.

Of course this big boost in revenues comes from the new markets that launched commercial sports betting in the end of 2021 and the beginning of 2022. However, the US states that had sports betting operational during the first six months of 2021 still reported a 12.2% rise in revenues for H12022 compared to H12021.