Sports Wagering – What’s Next for Louisiana’s Betting Public?
Not everyone who lives in Louisiana is a sports junkie. Not everyone that lives in Louisiana is a gambler. But those close to the sports wagering industry seem to believe that there is enough crossover between those two passions, sports, and gambling to make wagering on sporting events Louisiana's next multi-billion dollar industry.
A gambling website, PlayUSA.com is projecting that recently passed sports wagering legislation in Louisiana could vault the Bayou State to the top of the board when it comes to per capita spending. In fact, PlayUSA.com analyst Eric Ramsey told the Louisiana Radio Network that Louisiana could rival New Jersey as the top sports wagering state in the country on a per capita basis.
It's estimated that by the time the sports wagering industry in the state matures it could be worth two to two and half billion dollars annually. Okay, that's how much money could be wagered annually, the state's take from all that betting on LSU and the Saints will come out to be considerably less.
Gaming officials in the state are suggesting that Louisiana's take from sports wagering, once the market has matured and stabilized, will be between $30 million and $35 million annually. That's how much money the state's tax coffers would realize.
Those close to the sports wagering market have long valued Louisiana as a betting location. It's pretty easy to see our state's passion for sports with the support our state's universities receive for their athletic programs and of course, the New Orleans Saints of the NFL and the New Orleans Pelicans of the NBA are also major attractions too.
The fact that New Orleans also seems to always be in the running to host a Superbowl, a Final Four, or some other major sporting events has already established the area as a prime destination for sporting enthusiasts. Let's face it if we didn't do something with sports wagering that money would be spent in casinos in Mississippi where they have already implemented sports wagering.
Currently, there are 21 states in the United States that allow for wagering on live sporting events. The District of Columbia also allows for wagers of that kind too. It is expected that Louisiana residents will be allowed to make their first legal wagers on live sports by as early as this fall. Otherwise, we will just keep making those backroom bets like we have been doing for years until the state can get its ducks in a row to take our money.
Okay, so it's true we like to gamble in Louisiana. But, perhaps some of the other things you've heard about us might not be true. Just for the record, let's see if we can't clarify a few things.
Some Common Myths about Louisiana Debunked