Louisiana's casinos take $27M in sports bets since November launch

The eight Louisiana casinos that launched sports betting operations in November raked in more than $5.6 million in revenue on more than $27 million in wagers, according to the latest revenue data from the Louisiana Gaming Control Board. About $570,000 in taxes were paid on those profits.

Horseshoe Bossier City Hotel & Casino, Margaritaville Resort Casino, and Boomtown Bossier City Casino are among the eight Louisiana riverboats that started taking sports wagers in November. Most of the wagers were made on football and on parlays.

Overall revenue at casinos in the Shreveport-Bossier market dropped by 5.4% from October to November this year, while the region’s six casinos saw a 19% increase compared to November of last year as the market continues to recover from COVID-19 restrictions that effectively shuttered casinos in much of March and all of April in 2020.

“Sport betting interest has been unbelievable since the legislature approved it last spring,” said Ronnie Johns, chairman of the Louisiana Gaming Board, as reported by WBRZ.

In addition, a deal was approved Thursday for Casino Queen Holdings, an Illinois company, to buy the Hollywood Casino and Belle of Baton Rouge in the capital city. “Obviously, this is such a sports-crazy area,” said Terry Downey, president of Casino Queen. “Sports was definitely very important, the potential we saw in Baton Rouge.”

Plans are in the works for major additions and renovations at both properties, including new casinos at the Belle and Hollywood with sportsbooks. Casino Queen has $72 million in new construction for the Hollywood alone, with an expanded sports book facility opening sometime next year. The renovation at the Belle is still in the works, but it will be extensive.

“We’re just excited about what’s going to be developed here in downtown Baton Rouge,” Johns said.

All 20 of the state’s casinos and racetracks are expected to eventually get authorization to begin taking sports wagers, including Bally’s (formerly Eldorado) and Sam’s Town in Shreveport. DiamondJack’s, which has remained closed since May 2020, has not indicated yet whether it will reopen by February 9, 2022, as required by state regulators in order to keep its license. 

Twenty-five percent of the state’s revenue from sports betting will go to fund early education.