According to analysts, Louisiana’s unique sports betting bill structure, balanced tax rate, and natural advantages could turn the state into a market that attracts more than $2.5 billion in yearly wagering and more than $200 million in operator revenue.
Louisiana is prepared to join 12 other states and Washington, DC, in having an active business in some form, with Governor John Bel Edwards intending to legalise retail and mobile sports betting across the state.
Furthermore, the region would join nine others that have approved some sort of sports betting and are poised to debut later this year or next year.
According to PlayLouisiana, the state should generate $2.5 billion in retail and online sports wagering by the third year of the market, generating $200 million in operator revenue.
With a 15 percent duty on internet bets and a 10 percent levy on retail betting, the activities may generate up to $30 million in tax revenue each year.
Furthermore, the appeal of New Orleans as a sports tourism market, cross-border activity from neighbouring states, and a unique structure that would allow thousands of sports wagering kiosks to be spread across the state might help Louisiana prosper.
Thriving casino industry
Eric Ramsey, analyst for the PlayUSA said: “Louisiana should be able to outperform its relatively small population. In fact, as a market Louisiana shares many of the same attributes that have made New Jersey and Nevada sports betting meccas.
“The state has long been home to a thriving casino industry, New Orleans itself can draw tourists from all over the country, and Louisiana is not bordered by another state that offers both retail and online sports betting.”
Louisiana also has a thriving sports scene, with an NFL and NBA franchise, five major college football schools, and 12 NCAA Division I men’s basketball programmes.
“New Orleans is one of the most popular tourism destinations in the US, and the regular flow of tourists from neighbouring large cities like Houston, and even a legal betting state such as retail-only Mississippi, should be a boon initially,” Ramsey added.
“Also, the state is home to passionate local fanbases, which is a help for any market. The bottom line is that most markets in the U.S. are without Louisiana’s collection of positive attributes.”