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The sports betting revenue data for July, as reported by the Louisiana Gaming Control Board, indicate significant growth in the internet and retail sectors. The state’s total wagers for the month came in at an astonishing $184.5 million, up roughly 42% from the same time last year.
When the figures were crunched, $172.2 million in handling came from online sports betting, which was the main contribution. This is an increase of 40.6% from July 2023. However, retail sports betting establishments recorded a $12.3 million handle for the month, a slight rise of 0.6% from the previous year.
The net proceeds from online sports betting reached approximately $22.5 million in July, while retail sports betting generated around $1.5 million. Additionally, sports betting in Louisiana contributed nearly $3.5 million in taxes to the state last month. This financial boost reflects the growing popularity and acceptance of sports betting in the state.
Since the Supreme Court’s 2018 decision to overturn PASPA, which banned most forms of sports betting, over 35 states have legalized and regulated sports betting markets. Louisiana is among those embracing this shift, seeing a significant rise in betting activity.
In related news, Louisiana recently implemented a statewide ban on prop betting involving college athletes through licensed sportsbooks. This regulation, effective from August 1, aims to protect the safety and integrity of athletes. Although prop bets on college athletes are now restricted, bettors can still place wagers on totals, point spreads, and game outcomes. Prop bets related to “full team statistical outcomes” remain permissible.
Prop bets allow players to wager on specific game aspects, such as individual player performances or statistical outcomes, in addition to or instead of betting on the overall game result.