PlayUSA.com projected Louisiana’s sports gaming industry will see more than two and a half-billion dollars in annual wagering once the market matures.
Analyst Eric Ramsey said the Bayou State has a lot going for it when it comes to a sports betting environment including a strong sports culture, experience with the gaming industry, and the upcoming legalization of fantasy sports. With all of those factors in play, Ramsey said Louisiana could rival New Jersey as the gold standard for sports gaming revenue per capita, but warns the low margin business won’t be a state revenue windfall.
“There will be a fair amount of money for the operations but that won’t trickle down to the state. My projection is about 30 to 32 million dollars in revenue for the state,” said Ramsey who added the approval of mobile device sports betting for all but nine parishes will also result in higher than usual activity.
Despite 2.5 billion in overall action the industry is expected to only see revenue of 200 million dollars a year.
Ramsey said the approval of sports betting is likely to pay off in a big way for New Orleans.
“The large annual sporting events, the Super Bowl, the NCAA tournament games, things like that,” said Ramsey. “The fact that people are already coming to New Orleans to watch sporting events and to gamble makes for a natural extension.”
Lawmakers are hopeful sports betting will be up and running in Louisiana by the start of the football season, but that will depend on how fast the Gaming Control Board moves on approving rules and issuing licenses.
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