Louisiana Sees Record Sports Betting Tax Gains in May
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00:00All right, so big money being bet in Louisiana, and of course, with the tax rate there right
00:09now, it appears that this is going to be a very big win for the state based on the amount
00:13of sports betting that went on there in May.
00:16Yeah, so Louisiana state regulators collected five and a half million dollars from the sports
00:22books in May as their, you know, in privilege fees, if you will.
00:27And that's the largest tax payment so far this year.
00:30And it was a little bit of a perfect storm, I guess.
00:33The sports books posted another double digit hold as they have grown pretty accustomed
00:40to their 13 percent win rate for the sports books.
00:43And you combine that with the limited promotional deductions, which we typically see during
00:49these late spring and summer months.
00:54Louisiana has some interesting promotional deduction rules, too, so those promo deductions
00:59never really balloon there like we see in other states.
01:02But combine those fewer promotional deductions along with that 13 percent hold drove that
01:10higher tax payment to the state.
01:13And like we've talked about seemingly every month here, Greg, Louisianans love those parlays
01:20and they keep pumping the sports books full of money, 21.3 million dollars in sports book
01:28winnings off those parlays, which made up the vast majority of total revenue, which
01:33came in at 31.2 million dollars in revenue for May.
01:38So the bulk of that, like I said, coming from those combo bets, Greg, that they just seem
01:43to love down there.