Louisiana’s first year of legal sports betting was a financial success
It’s been an exciting 2022 for Louisiana sports bettors who are now completing their first year with a legal sports betting market and according to figures just released this new operation has been a success, generating billions of dollars in action and millions more in tax revenue.
The Louisiana Gaming Control Board just held its monthly meeting and Chairman Ronnie Johns had some impressive news to share including the state’s sports betting in 2022 hit $1.8 billion meaning resident bettors in have wagered that much in just one year of operation.
Before this activity was legalized, almost $2 billion was spent elsewhere, either at illegal local bookmakers or at unregulated offshore sportsbooks, which prevented that money from being tracked and the revenue generated from it being taxed.
Since the Louisiana Legislature gave the green light to legal sports betting, the state has generated $26.4 million in tax revenue that goes directly to funds benefiting residents, a new revenue stream that could increase if this market continues to grow and develop.
And this is only the first year for this market.
LA launched Retail Sports Betting in November 2021 and Mobile in January 2022
After the U.S. Supreme Court overturned PASPA in 2018, all states had the right to legalize, regulate, and tax their own sports betting market, but no territory jumped at the chance as it was more complicated than expected, being run by native tribes was pushed back and anti-gamers.
It took Louisiana lawmakers until June 2021 to join the legal sports betting fun, when Gov. John Bel Edwards signed a bill into law to do just that, with each of the state’s 20 casinos and pari-mutuel horse racing tracks partnering with two Mobile enters sports betting respectively.
It took some time to set up operations there, but in November the retail market took off and began accepting legal sports betting, shortly after the mobile option became available in January 2022, giving Pelican State players many new opportunities to add to their ongoing esports promotions place.
It turns out they enjoy playing parlays.
Both mobile and retail sportsbooks generated most of their revenue from parlay play
For anyone new to sports betting, a parlay involves multiple bets with the ultimate win depending on all the outcomes of your betting group, an exciting way to bet on multiple games in different ways, increasing your potential payout accordingly.
In 2022, Louisiana bettors preferred the Parlay game, with $96 million placed via mobile option and $22.8 million via retail promotions. Both numbers overshadow bets placed on other bet types, a sign that gamblers enjoy combining multiple games for their bets.
And why not in Louisiana, home to many fun sports teams like the NFL Saints and NBA Pelicans, as well as many college programs featuring talented male and female athletes, all fair game for the odds makers and players who think they know these matchups best.
The Louisiana sports betting market is one of over thirty states to have launched their own versions, and by the numbers so far, the future for America’s second-oldest pastime is looking bright.