The State Gaming Control Board reported that June’s Louisiana sports betting handle fell to $132.4 million. It was 22 percent lower than the handle in May. Also, sports betting news insiders blamed it on the rising interest rates and high gas prices.
Players wagered $18.7 million using retail sportsbooks in June. On the other hand, online sportsbooks got handle of $113.7 million. Also, total revenue from sports wagering was $10.65 million in June. Operators paid $1.5 million in taxes. However, both amounts were down from May, when sports betting revenue was around $25.3 million, and taxes were nearly $2.8 million.
The Louisiana Gaming Control Board said that casino operators said that they were concerned about the economy. Operators attributed the low handle to inflation, high-interest rates, and the price of gasoline. As a result, consumers’ discretionary dollars are low.
Louisiana Sports Betting Handle
US consumer prices increased 9.1 percent compared to the same period last year. It was the fastest inflation increase since the early 1980s. The best betting software is optimistic that the sports betting industry will continue to do well in the next couple of months.
Louisiana launched legal sports wagering last fall. Thus, the state doesn’t have enough data to compare the downturn last June. Also, economies suffer due to the increased interest rates and consumer prices. People are concerned about a looming recession in the gaming industry.
FanDuel skipped advertising a bookie business to state that people don’t need to worry about the economy. However, CEO Amy Howe said it is too early for the sports betting industry to be concerned about inflation.
FanDuel is one of the sportsbooks operating in Louisiana. It is monitoring the economic situation since consumers view sports wagering as a form of entertainment.