Record Profits Reported For Louisiana Underscoregs in September

The increase in sports betting activity in September across America is significant and impressive! Louisiana is now included in the states that saw a notable increase in betting activity compared to previous months and years, as reported by the Louisiana Gaming Board’s September numbers.

The inclusion of NFL and college football on Louisiana sports betting menus led to a significant increase in activity, resulting in the second-highest handle ever recorded for the state’s 18 retail sportsbooks and nine betting apps. This also marked the highest revenue month since the legalization of sports betting in February 2022.

In September, sportsbooks in Louisiana significantly outperformed their bettors, with a hold rate that was more than double the national average. This marked the third-highest hold rate in the state’s 21 months of legal sports betting.

Louisiana sports betting handle spikes almost 82% month-over-month

The Louisiana Gaming Control Board has announced that the sports betting handle for September reached $280.1 million, marking an impressive 82% increase from August’s $153.9 million. This figure is also more than $75 million higher than the $203.8 million wagered on sports in September 2022. The only month with a higher handle than September was January, which saw $282.3 million in wagers.

Louisiana’s top sports betting apps dominated the September handle, accounting for $248.83 million out of the total $280.1 million. Mobile sports betting saw an impressive 80% increase from the previous month and a 44% increase from the previous year.

September gross revenues hit new high

In September, Louisiana’s sports betting industry achieved a new record with gross gaming revenues totaling $43.1 million. After adjustments, the state’s sports betting providers reported $41.8 million in profits.

The September gross gaming revenue for the state’s sportsbooks showed a significant 33.7% increase from the previous month, setting a new record of almost $6 million higher than the previous record set in December 2022. These figures are also nearly 2.5 times higher than the adjusted gaming revenues from August, totaling $18.1 million.

The standout statistic from Louisiana’s September sports betting numbers is the impressive 15.4% hold rate reported by state providers, which is more than double the national average of about 7% and marks the highest rate since September of last year at 16.4%.

In September, Louisiana state and local coffers saw a boost of over $5.3 million due to increased handle, revenues, and hold rate from sports betting. This marked the first time that taxes collected from Louisiana sports betting providers exceeded $5 million in a month, setting a new record for tax contributions to the state.

Year-to-date reflects solid growth for Louisiana market

The sports betting market in Sportsman’s Paradise is thriving, with year-over-year growth seen across top online sports betting sites. Louisiana’s year-to-date handle has reached $1.86 billion after September’s numbers were included, representing a 21.9% increase compared to the same period in 2022.

The gross gaming revenues for the first nine months of 2023 amounted to $237.6 million, showing a significant increase of 38.9% compared to the same period last year. The rise in profits can be attributed to an average hold rate of 12.8% during this time, which is approximately 1.5% higher than the previous year’s average.

Tax contributions have shown consistent year-over-year growth. In the first nine months of 2023, $26.7 million has been collected in taxes, representing an increase of nearly $6.7 million compared to the same period last year.