It’s the first full season of football since Louisiana legalized sports betting last year, and the state’s top gambling regulator said it expects NFL and college games are generating enough tax revenue to offset the 40% difference between current and projected levels.
Recognition of tax revenue from Louisiana’s newly licensed sports betting books took place at Wednesday’s Gaming Control Board meeting. Chairman Ronnie Johns said he estimated $18.3 million in state revenue from sports betting so far this year. Legal sports betting started in November 2021, with legal mobile betting starting in January 2022.
According to Johns, a former state senator who backed legislation in 2021 to legalize sports betting, sports betting was expected to bring in about $30 million in tax revenue at the time.
Of the revenue, 25% goes to early childhood education, 10% goes to local governments, and the rest is directed to other areas, including gambling addiction programs.
“The fact that we are now entering our first full season of football, in college two weeks ago and in the NFL this past weekend, will definitely drive numbers and revenue for us,” Johns said. . “So we can’t wait to see what the football season does for us.”
In an interview, Johns said he expects betting to increase if LSU has a successful football season, but expects revenue to be very good no matter what.
This story was first published by Louisiana Illuminator.