Louisiana Records highest sports betting income to date
Louisiana's Sports Betting Gold Rush in September!
📢 The sports betting world is all abuzz about Louisiana's staggering September revenue haul, with an impressive $32.3 million in gross revenue reported by the Louisiana State Police! This figure surpasses the previous record set in March and marks the fourth time this year that the state's monthly revenue has topped $25 million[1].
🎉 Nine out of 15 states publishing handle and revenue figures for September have recorded new monthly highs, with Louisiana sitting comfortably in seventh place[1]. The football season has unleashed a torrent of wagers, boosting handle by a whopping 61.8% compared to August[1].
🏈 September's revenue breakdown reveals that football reigns supreme, with nearly $7.2 million in revenue, though it pales in comparison to February's $9.8 million, thanks mainly to the Super Bowl[1]. The "other" category, encompassing sports like golf, hockey, tennis, and mixed martial arts, rounded out the top spots with $4.4 million in revenue[1].
🤑 Parlay revenue reached an astonishing all-time high of $18.8 million for September, shattering the previous record set in April[1]. This staggering figure indicates that parlay betting is a growing force in Louisiana sportsbooks[1]. Assuming a 25% win rate, handle from parlay bets would approximate $75.2 million, representing a substantial 36.2% of the overall handle[1].
🛎️ Despite a powerful NFL wagering season, retail brick-and-mortar books in Louisiana experienced a significant bounce-back from August. The hold soared from a paltry 0.8% to a robust 15.3%, transforming the revenue total from $31.5 million in wagers accepted into a substantial $4.8 million[1].
🔍 Looking ahead, Louisiana is considering increasing the tax on mobile sports betting from 15% to 21.5% under House Bill 639[2]. This tax hike could help address a budget deficit without resorting to higher income or sales taxes[2]. Furthermore, a portion of the increased revenue may be directed towards supporting NCAA Division I athletic departments in Louisiana public universities[2].
👋 Sports betting continues to evolve in Louisiana, with a focus on maximizing tax structures to support the state's needs. The April rebound in revenue underscores the potential for growth and volatility in the sector[2]. So buckle up, sports fans, as Louisiana's betting scene keeps heating up!
📊 Here's how September stacked up against other top sports betting states:1. New York - $1.26 billion2. New Jersey - $866.7 million3. Pennsylvania - $645.2 million4. Michigan - $383.1 million5. Indiana - $382.5 million6. Tennessee - $336.9 million7. Louisiana - $207.5 million8. Iowa - $200.2 million9. Kansas - $160.5 million10. Connecticut - $130.5 million[1] Chris Altruda (@AlTruda73), October 20, 2022[2] Current State of Sports Wagering Revenue in Louisiana (enrichment data)
- The impressive $18.8 million in parlay revenue in September set a new record, indicating a growing interest in parlay betting in Louisiana sportsbooks.
- With nearly $7.2 million in football-related revenue alone, the sports of football dominated the sports betting scene in Louisiana, although it didn't reach the heights of the Super Bowl month.
- The sports-betting world is closely watching Louisiana's growth, as the state's football season has resulted in a significant increase in wagers and a bounce-back for retail betting establishments.
