A proposed bill in the Louisiana legislature could alter the way sportsbooks assign their promotional money, resulting in an improved betting experience for citizens of the state.
Senate Bill 290 would permit Louisiana sports betting operators to split up their promotional play dollars between multiple sports betting platforms beginning in 2023. Each sportsbook in Louisiana can spend as much as $5 million on promotional play per year under Louisiana sports betting laws.
Since mobile sports betting launched in Louisiana in October 2021, the total handle has exceeded $457 million, making the state one of the fastest-growing markets in the United States. More agility in the way sportsbooks can spend their promotional monies would lead to better promo options for new and existing customers in Louisiana.
Changes To Promotional Money Expected To Pass Louisiana Senate
The Louisiana State Senate adjourns for the summer on June 6, but it’s expected that Bill 290 will be voted on before that date.
“Louisiana limits eligible promotional play for sports betting” to one platform for every licensee, Gaming Today reported. That impacts sportsbooks like BetMGM, BetRivers, Caesars, DraftKings, and FanDuel.
Under the proposed law, sportsbooks could split the annual $5 million in annual promo play dollars among all of their platforms. Platforms would be required to adhere to the $5 million limit no matter how many contracts they enjoy.
Language in the bill states: “(A sports wagering platform) may not claim more than the maximum amount of eligible promotional play per licensee … in any calendar year, regardless of the amount allocated to it by multiple sports wagering licensees.”
The initiative has powerful support. Senate President Patrick Page Cortez is the sponsor of Bill 290, and there is sufficient support to pass the legislation.
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Sports Betting In Louisiana
In the last quarter of 2021, 55 of the 64 Louisiana parishes launched mobile sports betting and expanded retail sports betting locations in the state. The law allows up to 20 licenses to operate in the Pelican State.
Retail sports betting is limited to tribal lands and a few specified horse racing tracks called “racinos.”
In March 2022, Louisiana set a state record with $30.1 million in revenue on a total handle of $232.7 million — the state’s second-highest monthly figure. The bulk of that was generated by online sports betting: $205.7 million.