Most parishes voted to legalize the Louisiana sportsbook industry earlier this month. Although the activity is now legal, lawmakers still need to decide on the official rules and regulations of sports betting in the state.
Residents from 55 parishes approved the proposition to make sports betting legal in their areas. They represent around 95 percent of the state’s population. The referendum supporters said that the state was missing out on the revenue from not having sports betting. At present, the state has a new revenue source to support its needs.
In 2019, lawmakers debated and rejected a sports betting bill that would allow casinos to accept wagers on sports. This year’s version doesn’t limit sportsbooks in casinos. However, lawmakers still need to work on the details of the legislation.
Louisiana Sportsbook Industry
According to sportsbook pay per head reports, Louisiana can earn from $237 million to $332 million from legal sports betting. The estimate includes taking players’ wagers from outside the state lines.
Based on a political forum, sports betting can attract the younger demographic to casinos in Louisiana. The casinos’ profits were suffering from a downward trend in recent years. Allowing casinos to compete with those from out-of-state is one of the main arguments for the legalization of sports wagering in Louisiana.
However, Louisiana needs to legalize online gaming to realize its tax revenue potential fully. Also, it should allow players to wager on college sports. Thus, it will prevent bettors from using the illegal market.
Also, bookies should not focus on popular sports only. They need to increase golf betting action to become more profitable. Thus, they bring more tax revenue to the state. The state should allow online betting to prevent players from using offshore websites.
However, opponents of sports betting said that gambling would bring more expenses than profits in the long run. They said that it would lead to more problem gamblers in the state.