Louisiana Joins States Reporting Record Sports Betting Handle in November

The Louisiana Gaming Control Board released its November revenue report on Wednesday, revealing that Bayou State bettors helped the state achieve a new record for monthly sports betting revenue by using top sports betting apps.

Louisiana sports betting did not break revenue records in November, following the trend of other jurisdictions. State providers experienced an unusually low win rate, resulting in one of their lowest monthly revenue totals despite setting a new handle record.

About the record handle

In November, Louisiana saw a record-breaking $356.5 million handle from sports betting apps and retail providers, surpassing October’s $308.6 million and showing a significant improvement from the $268.6 million handle reported in November 2022.

Louisiana sports betting sites contributed $322.9 million to the total November handle of $356.5 million, with the mobile handle alone potentially breaking a new monthly record.

In November, Louisiana’s brick-and-mortar sports betting providers generated $33.5 million in revenue, marking the second-highest monthly total of the year. This amount accounted for nearly 10% of the state’s total sports betting activity, highlighting the significant contribution of retail sports betting in Louisiana.

Louisiana’s top sportsbooks have already surpassed $2.5 billion in revenue this year, showing a 23.2% increase compared to the same period last year. This growth can be attributed to residents making the most of sportsbook promotions in Louisiana.

In November, Pelican State sports betting providers came close to reaching a lifetime handle of $5 billion, falling just $102 million short of the milestone.

Louisiana sportsbook revenues down month-over-month but up year-over-year

The Louisiana sportsbook saw a decrease in revenue from October to November, but experienced an increase in revenue compared to the previous year.

The Louisiana sportsbook industry saw a decrease of $25.3 million in revenues for November 2022, attributed to Jim “Mattress Mack” McIngvale’s $58.7 million winning futures bet on the Houston Astros to win the 2022 World Series. Bayou State providers can credit this significant loss to his successful wager.

Louisiana sportsbooks generated gross revenues of $29.3 million in November 2023, which was slightly lower than expected with a hold rate of 8.2% year-to-date. This was a decrease from the $43.3 million reported in October but a significant improvement from the negative earnings reported in November 2022.

Louisiana sportsbooks have reported gross revenues of $310.2 million so far in 2023, marking a 75.8% increase from the same period last year.

Louisiana collected $3.2 million in taxes in November, bringing the total year-to-date tax revenue to $36.2 million. This is an improvement of $6.7 million compared to the same 11-month period last year.

Louisiana does not disclose specific sportsbook handle and revenue figures, but it is evident that all sportsbooks performed well last month. Although the state’s sportsbook revenue may have been lower than expected, Louisiana’s overall sportsbook numbers are consistent with those seen in the broader legal sports betting landscape across the United States.

Providers in the state are on track to achieve a record handle for the third consecutive month in December, with a good chance of success.