Sports betting is out in full force in Louisiana. Bettors now have plenty of options when placing their wagers as both retail sports betting and online sports betting are available in the Pelican State. Many sportsbooks are offering special welcome bonuses for new customers as well.
With the sports betting industry fully available in Louisiana, let’s take a closer look at how the state is dividing up the revenue created from the industry.
Focus On Childhood Education
Sportsbook operators in Louisiana pay taxes to the state on the money they make after winnings are paid out. Louisiana’s sports betting bill calls for a 15% tax on mobile and online betting. Casino earnings on in-person sports wagers are taxed at 10%. This revenue then goes to the state and is then dispersed to more than a handful of recipients as written in Senate Bill 142.
Behavioral Health & Wellness Fund — 2% or $500K
Louisiana Early Childhood Education Fund — 25% not to exceed $20 million
Sports Wagering Local Allocation Fund — 10%
Sports Wagering Purse Supplemental Fund —2.5%
Disability Affairs — 2%not to exceed $500K
General state affairs — Remaining 58.5%
Louisiana is already seeing big returns. Retail sports betting began last fall, and bayou bettors wasted no time getting in on the action. According to the Louisiana Gaming Control Board, Louisiana sports bettors placed more than $27 million in wagers in November 2021, which was the first month of retail betting. Eight Louisiana casinos raked in more than $5.6 million in revenue. That created a healthy hold of 20.6% for the sportsbook operators, and after taxing those proceeds at 10%, the state collected nearly $570,000 in taxes on those profits. Fast forward to today, and 10 casinos offer sports betting along with five mobile betting apps.
Once mobile betting launched on Jan. 28, Louisianans made so many bets they actually beat the gigantic New York market in one metric.
Bengals’ biggest fan?: Caesars Louisiana accepts $4.5 million Super Bowl wager from well-known Texas resident
Big Numbers Expected For Super Bowl LVI
Joe Burrow and the Cincinnati Bengals are set to take on Odell Beckham Jr. and the Los Angeles Rams on Sunday, Feb. 13 in Super Bowl LVI. The Super Bowl is the most-bet singular sporting event in North America each year. For the first time, Louisiana bettors can join in on the party by placing bets right from their phones.
Betting markets for the Super Bowl are nearly never-ending, so no matter what you are looking to bet on, odds are you can. For example, Caesars Sportsbook offers over 2,000 ways to bet the big game. Across the country, Super Bowl LVI is expected to generate $1 billion in legal bets, which would double last year’s handle.