Any day now online sports betting may launch in Louisiana, where sports fans are anxious to have the convenience of mobile wagering. Currently, only a select number of retail sportsbooks in specific parishes are open for business.
Once online sports betting is launched in Louisiana, the state will start to receive tax revenue from sportsbook operators. When Senate Bill 247 was passed and signed into law by Governor John Bel Edwards in 2021, the state legislature set figures for tax revenue payments: a 10% tax on wagering at onsite sportsbook locations, and a 15% tax on mobile sports betting.
Where Tax Revenue From Sports Betting Goes In Louisiana
By law, 25% of the tax revenue from mobile sports betting in Louisiana (up to $20 million) will go to early learning programs for children in the state. Following an effort by lawmakers spearheaded by State Senator Rick Ward, those funds are targeted for helping young children enter the educational system for the first time. Tax revenue from fantasy sports wagering currently goes to the same programs.
Other revenue is earmarked for local government programs (only the 55 parishes that approved sports betting). That money is awarded proportionately based on the sports betting revenue each parish generates.
Portions of the revenue also goes to the Louisiana State Racing Commission and the Louisiana Thoroughbred Breeders Association, as well as social programs, and the general state treasury. Per the Louisiana Gaming Control Board, up to $500,000 is also required to be allocated to the Louisiana Association on Compulsive Gambling.
According to the Monroe News Star, sports betting is projected to bring in $30 million in tax revenue for Louisiana each year. Last November, the state reported that the eight retail sportsbook locations in Louisiana pulled in $27.6 million in handle, generating more than $2.7 million in tax revenue. According to projections by Louisiana Sharp, land-based sportsbooks could garner more than $4 million in annual operator revenue.
The Louisiana Gaming Control Board is permitted to award up to 41 online sports betting licenses in the state, with mobile sports betting expected to launch at any time in the state, possibly in time for the Super Bowl in early February.
Best Sportsbook Bonus Offers In Louisiana
While the Louisiana Gaming Control Board vets operators that have applied for licensing in the state, many sportsbooks are already offering new user bonuses. These could be the last days available to claim these great bonus bets in Louisiana.
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