In first year of sports betting, Louisiana made $26.5M, Mattress Mack won $75M
Louisiana made around $26.5 million in taxes from the first 12 months of legalized sports betting, according to data from the Louisiana Gaming Control Board, though the state has yet to see exactly how a full year of mobile betting will affect the state’s coffers.
Legal sports betting at retail locations launched in Louisiana in November 2021, and through October 2022, the casinos with sportsbooks have made more than $35.8 million in net revenue off of sports betting and paid $3.6 million in taxes. Mobile sports betting launched in January, and the mobile apps have made around $152.5 million and paid $22.8 million as of October 2022.
The state added another $40,000 in taxes from daily fantasy between July 2022 and October 2022.
In November, the state had around 268.6 million wagers across both mobile and in-person sportsbooks, which was the best month on record for total wagers. The record-high wagers didn’t turn into big profits for the sportsbooks, however, which saw a loss of more than $25.4 million.
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Even with the sportsbooks’ losses, Louisiana made out well. The state collected around $4.3 million in taxes during November – its second-best month since legalized sports betting began.
During the gaming control board’s December meeting, Donna Jackson, an audit supervisor for the board, said the loss was primarily due to one major bettor – Houston’s “Mattress Mack.”
Jim McIngvale, a furniture store magnate and philanthropist known as “Mattress Mack,” has placed several high-dollar bets in Louisiana since the state legalized sports betting. Texas does not have legal sports betting.
McIngvale made headlines for dropping the largest mobile Super Bowl bet in history, betting $4.5 million on the Cincinnati Bengals before adding another $5 million bet on top of it. Then, McIngvale made a total of $75 million on the Houston Astros’ World Series victory, including a $30-million payout that was the largest in sports betting history.
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Most recently, McIngvale bet $3.1 million on TCU to top Georgia in the 2023 College Football National Championship. Georgia beat TCU 65-7.
Ronnie Johns, the chairman of the Louisiana Gaming Control Board, said during December’s meeting that he had the opportunity to speak with McIngvale about his success in Louisiana’s sports betting scene.
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“So, Mattress Mack did make an impact on…two or three of the platforms…” Johns said. “He thanks the State of Louisiana for being able to come in and make $75 million.”
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This article originally appeared on Lafayette Daily Advertiser: Louisiana brings in $26.5 million in first year of legal sports bets
