Gambling has been a popular pastime for many people in Louisiana for decades. From the casinos in New Orleans to the horse racing tracks in Shreveport, there are plenty of opportunities for residents and visitors alike to try their luck at the tables or on the machines. And now, it seems that the state government is set to benefit from this popularity, as gambling taxes are expected to generate nearly $80 million in revenue.

The Louisiana Department of Revenue recently released its annual report on gambling taxes, which showed that the state collected $79.6 million in taxes from casinos, racetracks, and other gambling establishments in the 2019-2020 fiscal year. This represents a significant increase from the previous year, when gambling taxes brought in just over $70 million.

So, where does all this money come from? In Louisiana, gambling establishments are required to pay a variety of taxes and fees to the state. For example, casinos must pay a 21.5% tax on their gross gaming revenue (i.e. the amount of money wagered by customers minus the amount paid out in winnings). They also pay a $500,000 annual fee for their operating license.

Similarly, horse racing tracks must pay a 22.5% tax on their total handle (i.e. the amount of money wagered by customers), as well as a $2,500 annual fee for each racing day. Other types of gambling, such as video poker and bingo, also have their own tax rates and fees.

All of these taxes and fees add up to a significant amount of revenue for the state. And with more and more people visiting Louisiana’s gambling establishments each year, it’s likely that this trend will continue.

Of course, there are some who argue that gambling taxes are not a sustainable source of revenue for the state. They point out that gambling revenues can be unpredictable, as they are heavily influenced by factors such as the economy and consumer spending habits. Additionally, some worry that relying too heavily on gambling taxes could lead to an over-reliance on a single industry, which could be risky in the long run.

Despite these concerns, however, it seems that gambling taxes will continue to be an important source of revenue for Louisiana for the foreseeable future. As long as people continue to enjoy gambling, and as long as the state government continues to regulate and tax these activities, it’s likely that this trend will continue. And for a state that has struggled with budget shortfalls and economic challenges in recent years, every little bit of revenue helps.