Louisiana experienced a 29.5% increase in sports betting tax revenue from 2022 to 2023, making it one of the top 10 states to see a significant rise. Nationwide, sports betting tax revenue increased by 34.7%, reaching almost $2.5 billion. Louisiana now brings in $44,310,000 in sports betting tax revenue, putting it among the top states in the country.
The popularity of apps like DraftKings and FanDuel has made sports betting more accessible, leading to its legalization in 38 states, including Louisiana. Despite the increase in revenue, there are concerns about the potential rise in cheating in sports due to betting. Still, 44% of Americans support nationwide legalization of sports betting, with older residents being the most opposed.
The top three states that saw the highest growth in sports betting tax revenue were Massachusetts, Ohio, and Maryland, with New York leading in total revenue at $875,996,000. On the other hand, states like Delaware, Nebraska, and North Dakota saw a significant decrease in revenue.
In light of Louisiana’s success in sports betting revenue, the Louisiana Sports Hall of Fame is set to open an exhibit on Pistol Pete’s legacy. The data analyzed by LendingTree sheds light on the impact of sports betting on state tax revenues and popularity among Americans, despite concerns about potential negative consequences.
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