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SportsTranscript
00:00 (upbeat music)
00:02 - Let's hit on Louisiana real quick.
00:05 LSU had an incredible run toward the College World Series.
00:08 A couple of picks drafted one and two
00:10 in the baseball draft.
00:12 That was really good as far as LSU is concerned,
00:15 but how did that affect the handle in Louisiana
00:18 as far as sports betting is concerned?
00:20 - Yeah, so it boosted handle,
00:24 which overall from a dollar standpoint
00:28 going through the sports books is a good sign.
00:32 We saw a 21% increase in Louisiana sports betting handle
00:37 this past June compared to June, 2022.
00:43 And of course, as a fan, more often than not,
00:46 you're most likely betting on your favorite teams to win.
00:50 So when you have the LSU Tigers,
00:56 arguably the most popular team to bet on in Louisiana,
01:00 and they make a run to the College World Series Championship
01:04 you're gonna see more betting dollars.
01:06 The flip side of that is when they win,
01:09 the sports books end up losing more than they would,
01:15 typically.
01:16 So we saw the sports books have to pay out
01:20 $1.7 million in baseball bets.
01:24 Of course, that most likely includes
01:26 some major league baseball bets in there as well,
01:29 but LSU definitely drove that increase in handle.
01:34 But then on the flip side,
01:35 sports books had to pay out a little bit more.
01:38 Their win rate was the lowest.
01:41 It's been just under 8%,
01:44 the lowest win rate for any month so far this year.
01:46 And the state did see a tax revenue decline
01:51 because of LSU's victory.
01:53 And we saw this too when the Chiefs won the Super Bowl.
01:58 Kansas only took in about $1,100 of tax revenue
02:04 because the sports books had to pay out,
02:07 I think over $39 million in winning Super Bowl bets
02:11 on the Chiefs.
02:12 So local team wins, it drives handle,
02:15 but it also negatively impacts the revenue
02:19 and the overall taxes that come from sports betting
02:23 that are due to the state.
02:24 (upbeat music)
02:27 (upbeat music)