The amount wagered on sports rose 33.3% in comparison to the previous year.
The revenue data for online and retail sports betting in October have been released by the Louisiana Gaming Control Board. The handle was $401.8m, up 14.0% from September and 33.3% from the previous year.
An estimated $368.3 million was gambled online, up 33% from the previous year, and $33.6 million at physical sportsbooks, up 4%. Net revenues, which included $0.5 million from retail sports betting venues and $41 million from internet betting, decreased by 2% to $41.5 million. Football bets brought in $7.3 million, while parlays brought in $23.5 million. $6.2 million in taxes were collected by the state.
The tax bill for sports betting
House Bill 22, presented by Representative Roger Wilder, would increase the gross gaming revenue tax rate to 51%. Currently, Louisiana imposes a 15% GGR tax on internet sports betting.
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At a special tax reform session convened by Governor Jeff Landry, Wilder introduced HB22. The House Ways and Means Committee has been tasked with reviewing the measure. It requires a two-thirds majority vote in both the Senate and the House to pass.
Additionally, the law would prohibit operators from giving gamers promotional credits. Promotional play is now allowed, and licensees can deduct credits from their tax computations. During the fiscal year that concluded on June 30, operators distributed $44.4 million in promo credits.
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