Sports Betting News: Sports Wagering Records Set In Louisiana/Wyoming; California Update
This week’s legal sports betting news is highlighted by record-setting online sports betting months in both Louisiana and Wyoming. Additionally, California’s 30-day public comment session has come to a close. The two sports betting ballot initiatives now head to the Attorney General’s office for the next steps. Let’s break down all the recent sports betting news in these markets.
Louisiana Sees Boom 26.1% In Wagers For October 2023
According to the report released by the Louisiana Gaming Control Board, mobile operators in the Pelican State saw $276,229,708 wagered in October. This is up 26.1% year over year. Online sportsbooks contributed $4,977,827 in state taxes after promo deductions.
Sportsbooks saw a 14.2% hold rate for $39,207,870 in net proceeds. This is the most sports betting revenue from Louisiana online sportsbooks since the market launched. So far, in 2023, net proceeds are up 269.4% compared to this time last year. Louisiana’s growth is expected to continue through the end of the 2024 March Madness Tournament.
Wyoming Sets Sportsbook Handle Record For October
Online sportsbooks in Wyoming also saw record-setting sports betting activity for October. The Wyoming Gaming Commission released the October wagering report, and it shows that $21,234,828.26 in monthly wagers were recorded. This is the highest handle since Wyoming launched.
Sportsbooks saw $2,271,665.01 in gross gaming revenue and $1,410,868.11 in taxable revenue after deductions. The state collected $141,086.81 in taxes.
DraftKings was the undisputed champion in Wyoming for October with $12,472,721 in wagers. In second place was FanDuel, which saw $4,852,749 in wagers. DraftKings footprint in Wyoming has been massive ever since the market went live.
| Operator | Monthly Wagers | Cash Payouts | Non Cash Payouts | Gross Gaming Revenue | Taxable Gaming Revenue | Tax Due |
|---|---|---|---|---|---|---|
| BetMGM | $3,530,734.61 | $3,152,390.95 | $92,431.87 | $378,343.66 | $255,083.42 | $25,508.34 |
| Caesars Sportsbook | $378,622.68 | $305,595.41 | $2,420.00 | $73,027.27 | $69,425.77 | $6,942.58 |
| DraftKings | $12,472,721.68 | $11,055,388.73 | $400,060.19 | $1,417,332.95 | $911,576.35 | $91,157.63 |
| FanDuel | $4,852,749.29 | $4,449,788.16 | $205,353.70 | $402,961.13 | $174,782.56 | $17,478.26 |
| Total | $21,234,828.26 | $18,963,163.25 | $700,265.76 | $2,271,665.01 | $1,410,868.11 | $141,086.81 |
Wyoming’s sports betting growth is a testament to the power of online sportsbooks. Wyoming is a mobile online market and has managed to see major success without a retail betting presence.
California Sports Betting Bills Advance To Next Step
The two California sports betting measures have advanced to the Attorney General’s after the 30-day public comment period came to a close. The Tribal Gaming Protection Act (23-0031) and The Sports Wagering Regulation and Tribal Gaming Protection Act (23-0030) are to be prepared by the California Attorney General.
The AG will prepare and issue circulating titles and summaries for the measures. This will allow the ballot initiative sponsors to work on curating enough signatures to have the initiatives placed on the November 2024 ballot.
Both measures were formally opposed by the California Nations Indian Gaming Association (CNIGA). The 52-member association voted to denounce the measures, putting both bills in a tough spot when aiming to garner support.
“The entire effort surrounding these initiatives was handled abhorrently by the initiative sponsors,” said James Siva, CNIGA Chairman. “It is hard not to be offended when listening to these individuals speak. This is another example of outside influences trying to divide and conquer Indian tribes. We will not let history repeat itself.”
The ballot initiatives are already starting out on the opposing side of local tribes. History has shown that without tribal support, online sports betting is unlikely to gain much traction.
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