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For the last three months, Louisiana bettors have enjoyed legal and regulated sports betting market in their state, but up until last week, they had to place their wagers in person since only retail betting was in play while the mobile market details were being ironed out.
As of last Friday, however, the online portion of the Bayou State’s sports betting market has officially launched, so now Louisiana punters can make their sports bets from the comfort of their own couches if they prefer or else, they can continue to do their gambling in person.
It’s all thanks to a careful rollout that was initially approved by the residents and eventually planned and executed by state lawmakers and industry leaders, the smooth results no accident according to Ronnie John, the Chairman of Louisiana Gaming Control Board, who told reporters:
This is not something that the legislature just slipped under the radar and said go do this. It was done by a vote of the people, and we’re going to do it the right way, we’re going to do it compliant, we’re going to do it safely.
Now that legal and regulated Louisiana sports gambling handle can be properly taxed.
The reality is that sports betting was already being done by Louisiana residents, but that money was being gambled using offshore sportsbooks or by traveling to nearby states where sports betting had already been made legal thanks to a 2018 shift in US policy regarding gambling.
It meant a loss of potential tax revenue on that multi-million-dollar handle, a problem Louisiana lawmakers fixed with their own sports betting legislation, including:
The numbers get complicated, but essentially tax revenue on sports betting gets split into two groups, with 59% of that money going to a state general fund, and 41% of it going to these specific funds:
No actual revenue numbers have been released yet, but industry leaders and state lawmakers have made some optimistic projections.
All the work that has gone into setting up and launching Louisiana’s retail and now mobile sports betting markets will certainly pay off, with expert projections describing an annual tax revenue stream of $30 million or more, a number that should continue to grow exponentially as the state’s market becomes fully operational.
Chairman John advises fiscal patience when it comes to the new mobile market launch, telling the media that it could take some time before anyone can truly assess how much more tax money that will bring in, saying:
I think after a month or two of online betting, we’ll have a clearer picture and probably be able to make good assessments of what our actual revenue will be on an annual basis for our state budget.
Louisiana’s new sports betting market will continue to unfold, so keep checking back for the latest news and updates on this exciting story.
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Mike Lukas is a retired standup comedian turned freelance writer now living in Dallas, Texas, originally from Cleveland, Ohio. His love for the game of football and all things Cleveland Browns turned Mike into a pro blogger years ago. Now Mike enjoys writing about all thirty-two NFL teams, hoping to help football gamblers gain a slight edge in their pursuit of the perfect wager. Email: [email protected]More info on Mike Lukas
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