Louisiana Loses Billions to Illegal Online Gambling, Says Lawmaker

December 13, 2024 William Johnson Casino & Gambling 0

Louisiana's Untaxed Online Gambling Revenue Hits $4.6 Billion, Lawmaker Reveals"
Louisiana's Untaxed Online Gambling Revenue Hits $4.6 Billion, Lawmaker Reveals

Louisiana is losing nearly $5 billion in untaxed revenue annually due to illegal online gambling, according to state Representative Mike Echols. Despite the state’s legal online and retail sports betting, illegal online casino gambling continues to thrive, siphoning significant revenue away from the state.

Louisiana introduced online sports betting on January 28, 2022, and since then, well-known companies like DraftKings, FanDuel, Caesars, and BetMGM have been providing their services to residents across the state. However, despite the convenience of mobile betting, many customers are also interested in online casino gambling, which remains illegal in Louisiana.

Predatory Practices Targeting Residents

Echols highlighted the predatory nature of illegal gambling operators, stating, “They’re predatorily coming after our constituents and allowing them to gamble online”. He emphasized that the issue lies not with Louisiana’s residents but with offshore and illegal gambling providers operating without restrictions.

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Potential Risks of Legalizing Online Gambling

While Louisiana has yet to legalize online casino gambling, Echols suggested that any future legalization should tie iGaming operators to existing racetracks and casinos in the state. Chris Hebert, chair of the Louisiana Gaming Control Board, expressed concerns about the risks associated with online gambling, noting, “Those present real problems. As regulators that is not lost on us”, according to Gambling News.

Benefits of a Regulated Market

Despite the risks, a regulated online gambling market could offer benefits, including compliance with regulatory frameworks and responsible gambling policies. Legal operators would also contribute tax revenue, which could be used to address problem gambling issues.

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About William Johnson 345 Articles
Demystifying the world of finance is my mission. As a finance news writer with 7 years of experience, I've covered everything from breaking market news to in-depth analysis of industry trends. I'm here to keep you informed and empowered in your financial journey.

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