Louisiana Underscoregs Continue To Batter Public in May 2024

Once again, Louisiana sports betting apps and retail providers outperformed the betting public in May 2024, with our top sports betting sites capitalizing on a high hold rate to achieve a solid monthly revenue.

In May, the Louisiana Gaming Control Board reported that Louisiana sportsbooks achieved a hold rate in the double digits for the 24th time since the state’s gaming operations began 31 months ago. This marks the sixth consecutive month that providers in Louisiana have maintained a win rate of 10% or higher, surpassing the national average of approximately 7% in 2024.

In May, Louisiana saw an increase in sports betting activity compared to the previous year, but a slight decrease from the previous month. Revenue totals were higher than in May 2023, but lower than in April. Both the overall handle and win rate for state providers also experienced a decrease.

In May, Louisiana joined the ranks of the 13 states in America that have generated over $100 million in state tax revenue since their launch.

$256.7 million May handle

In the Bayou State, sports bettors collectively wagered $256.7 million on the nine Louisiana sports betting apps and 18 retail providers. This marks the lowest monthly sports betting total of the year, as the state enters the annual spring/summer slowdown in sports wagering.

However, the $261 million in accepted bets in Louisiana represents a 32.6% increase from the $195.1 million in May 2023. It also shows a 9.3% decrease from the $283.1 million wagered on sports in the state in April.

High hold generates reasonable revenues

In May, Louisiana’s sports betting activity generated $34.7 million in gross revenues, thanks to a 13.5% win rate. The state’s top sportsbooks benefited from this revenue, while residents had numerous Louisiana sportsbook promotions to enjoy throughout the month.

Unlike the state’s handle, revenues did not hit their lowest total of the year. February’s $31.1 million remains the lowest monthly revenue figure of 2024.

The monthly revenues increased by 17.2% year-over-year, reaching $34.7 million, up from $29.86 million in May 2023. The percentage increase in revenues was almost half of the handle increase, as May of the previous year had a 15.3% hold.

Louisiana sportsbook revenues decreased by 14% compared to the previous month, dropping from nearly $40.35 million in April when Bayou State sportsbooks had a hold of 14.3%.

In May, Louisiana sports betting providers paid $5.8 million in taxes on $33.5 million in adjusted gross revenue. This brings the year-to-date tax contribution to $25.5 million, which is $9.6 million more than the total for the first five months of 2023.

Parlays carry the revenue totals

The Louisiana Gaming Control Board monthly reports lack in-depth information, specifically regarding handle and revenue totals from individual operators in the state.

According to the May report, revenue totals from certain markets were disclosed. Parlay wagering proved to be the most lucrative for state operators in the month, with Louisiana’s top sportsbooks earning $22.7 million in revenue from multi-leg wagers, accounting for approximately 65% of the state’s total revenue. This marks the sixth consecutive month that parlays have generated over $20 million in revenue in Louisiana.

Non-traditional sports, such as golf, tennis, and combat sports like MMA, generated $5.7 million in revenue for the state, while basketball brought in $2.6 million and baseball betting contributed $2.3 million.