Louisiana to Achieve $2.5bn Sports Betting Market

As expectations are high about Louisiana Governor John Bel Edwards will be signing the bill that will legalize retail and mobile sports betting, PlayLouisiana analysts have predicted that the state will earn $2.5bn.

Louisiana will use natural advantages to turn the state into a sport betting emerging market attracting $2.5bn wagers and around $200m operator revenue.

According to Eric Ramsey, an analyst from the PlayUSA.com network, the state will outperform in the coming years. The state has been thriving as a casino industry. New Orleans has been drawing tourists from all over the country.

Presently, there are 21 states, and Washington DC enjoys legal sports betting, and soon Louisiana will join nine other states.

Louisiana, which has a population of around 4.6 million people, will generate $2.5bn in the next few years.

With the 8% approx hold, those wagers will produce $200m in operator revenue. The bill allows a 15% levy on online bets and a 10% rate on retail betting. With this rate, online and retail sports betting would contribute around $30m in taxes yearly.

If compared with active sports betting state, Louisiana can be compared with Colorado, the home for 5.8 million people. Colorado certified itself under the sports betting industry in May 2020 when the pandemic was on the rise but managed to earn $2.3bn in wagers and $14.7m in revenue in the first year itself.

Although Louisiana is a small state compared to others, it can bring good revenue from wagers and bettings. One of the reasons is the structure of the state’s sports betting bill, allowing the placement of sports wagering kiosks in bars and truck stops.

Furthermore, the state will benefit from the increasing flow of tourists post-lockdown. New Orleans is the major attraction for the sports tourism market, where regular college bowl games and Super Bowl games are played. Moreover, the state has NFL and NBA franchise, 12 NCAA Division, and five major colleges.