(The Heart Sq.) — Louisiana’s playing and sports activities betting continued a downward development in Might, which specialists imagine is tied to raging inflation.
Louisiana’s casinos and racinos (mixed race monitor and on line casino amenities) took $171.1 million in sports activities bets final month, with about $28.4 million in wagers on the retail facet and roughly $142.6 by means of cell betting. These figures translated into $2.4 million in taxes from the cell sports activities ebook and about $268,209 from retail.
Cell sports activities betting reached a excessive of $211 million in wagers in February, the primary full month it was authorized in Louisiana, and has since step by step declined. In whole for 2022, there’s been almost $786 million in cell wagers, producing nearly $10.3 million in taxes, in response to information from the Louisiana Gaming Management Board.
Whereas Might’s cell wagers got here in far lower than April’s, the maintain final month topped 15%, in comparison with simply 1.8% in April.
“We collected extra taxes with $44 million much less in wagering,” LGCB Chair Ronnie Johns stated on the board’s June 16 assembly. “That is what the win ration will do for you.”
Johns famous that retail and cell sports activities betting has generated about $12.6 million in taxes paid because it was legalized final 12 months.
“We’re off to an excellent begin,” he stated.
With retail betting, wagers written elevated by almost $6 million from April to about $28.5 million, with the 9.4% maintain producing nearly $2.7 million in proceeds. Whereas these figures have fluctuated all year long, they’re far lower than the height of $49 million in wagers in January.
Retail totals for 2022 embody almost $222 million in wagers, $22.8 million in proceeds, and $2.3 million in taxes paid.
On the playing facet, state-regulated casinos reported a 9.2% lower in winnings in Might, bringing in $207.3 million, or about $21 million lower than Might 2021. Solely two of the state’s 18 playing institutions posted a year-over-year acquire: L’Auberge On line casino Resort Lake Charles and Boomtown Bossier Metropolis On line casino.
“I visited with plenty of the operators across the state within the final couple of weeks by cellphone and there is some concern about what is going on on with the economic system, the worth of gasoline, folks touring, the inflation charges, the excessive rates of interest,” Johns stated. “A few of these numbers are beginning to replicate a few of these considerations.”
“It is one thing that we will not do lots about it, but it surely’s one thing we’ll watch and we’ll hold a really shut eye on these numbers,” he stated.
Louisiana On line casino Affiliation Government Director Wade Responsibility has additionally pointed to fuel costs and inflation taking a toll on discretionary earnings, which he stated is driving the downward development within the state’s vacationer dependent playing markets, in response to The Advocate.
Video poker revenues have been additionally down 18.6% in Might from the identical time final 12 months, falling from $77.6 million in Might 2021 to $69.4 million final month, in response to the information website.
Officers stated final month the lower in video poker, which is generated at machines in truck stops, bars and eating places, is probably going a consequence of legalizing cell sports activities betting in Louisiana.