Ollie RingThe Louisiana Gaming Control Board has announced record handle taken by online sportsbooks in the state in January 2023. Adjusted net proceeds were down slightly month on month, but remained at the second highest in history.
Adjusted net proceeds are calculated for the purposes of the above chart by adding back promotional deductions to the reported net proceeds.
Bettors in Louisiana staked a total of $245.2 million in January, up 12.1 percent from December 2022. It was also 4.9 percent ahead of the previous record high which was set in November 2022 with $233.7 million.
As the chart shows, it was up a huge 505.4 percent on a 12 month comparison to January 2022, although online sports betting was only live for a small portion of the month. The anomaly in revenue comes from November 2022 when Mattress Mack famously won over $59 million on the Major League baseball, consigning the state’s operators to its biggest ever defeat.
Due to such a large amount of promotional credits distributed in January, tax revenue for the month was the lowest since August 2022. The state took $2.7 million in tax for January 2023.
With regards to sport net proceeds breakdown (prior to promotional adjustment), it was as follows:
- Baseball – $25,562
- Basketball – $3,087,712
- Football – $4,650,333
- Soccer – $359,195
- Parlay – $12,734,111
- Other – $1,112,442
Lousiana’s commercial gambling landscape consists of one land-based casino resort and 14 riverboat casinos. In addition, there are four racinos and five tribal casinos in the state. The tax rate on sports betting sits at 10 percent for land-based operators, and 15 percent for those operating online.
Louisiana’s gambling legislature passed sports betting into law in 2020, after 55 of 64 Louisiana parishes approved the referendum on sports betting. Whereas retail sports betting launched in 2021, online sports betting in Louisiana didn’t launch until January 2022.
Louisiana is one of the states to border Texas, where TX sports betting remains illegal. There has not been a large concerted push in Louisiana for mobile gaming yet, but it could be next on the legislative agenda.
This article was written for Business 2 Community by Ollie Ring.
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