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.