Louisiana sports betting market tops $2.5 billion

Finance News

LSU’s first College World Series win since 2009 was a home run for Louisiana sports betting revenue, according to the chairman of the Louisiana Gaming Control Board.

Total wagers were $2.52 billion for the 2022/23 fiscal year. Ronnie Johns credited the Tigers’ performance with an increase in gambling revenue for the state over the previous June.

“I think the win ratio was actually down, so I think a lot of people were betting on LSU to win and we’re grateful that they did,” Johns said at Thursday meeting of the Gaming Control Board, which regulates gambling in Louisiana.

The state brought in $1.6 million in taxes from mobile sports betting and $132,000 from wagers at casinos last month, up from $1.4 million in mobile and $66,792 at casinos in June 2022.

Of the revenue, 25% goes toward early childhood education, 10% goes to local governments and the rest funds gambling addiction programs and other projects.

When Louisiana legalized sports gambling in 2022, the legislature estimated it would bring in around $30 million annually to the state.

In the 2022-2023 fiscal year, the state has collected $38.7 million, up from $14 million  the previous fiscal year, which only included eight months following  the legalization of casino sports books in November 2021. Legal mobile betting began in January 2022.