Louisiana Underscoregs Enjoy Record October

Louisiana’s retail and mobile legal sports betting industry has been thriving for the past two years. However, it wasn’t until October 2023 that the state’s top sports betting sites and retail providers surpassed the $300 million handle mark.

Louisiana sportsbooks set a new monthly handle record in October, surpassing $300 million, according to a report from the Louisiana Gaming Control Board released on Thursday. Additionally, they exceeded the revenue record set the previous month.

The report for October emphasized the impressive success of sportsbooks in Louisiana, as they consistently outperformed the betting public and generated significant hold in the sports betting market.

$308.6 million bet in Louisiana during October

Louisiana sportsbooks saw a significant boost in revenue thanks to five full weekends of NFL and college football action in October. The state’s sports betting revenue report revealed that bettors spent $308.6 million at Louisiana’s top sportsbooks during the month, likely taking advantage of various promotions offered. This amount surpassed the previous record handle of $282.3 million reported in January 2023.

Louisiana sports betting apps accounted for 89% of the total sports betting handle in the Bayou State during October.

The October handle set a new record, showing a $28.5 million increase from September in sports wagering revenue.

Revenues reach record highs too

Louisiana sportsbooks saw continued growth in revenue in October, setting a new record for providers in the state. Gross revenue reached $43.3 million, surpassing the previous record set in September of $43.14 million. This marks an increase of $12.5 million compared to October 2022.

Louisiana sports betting providers experienced impressive revenue totals in October, with a hold rate of 14%, which is double the national average of 7%. This marks the 13th time in 24 months that Louisiana sportsbooks have held at least 12%, proving to be a significant advantage for sports betting operators in the Bayou State.

Louisiana sports betting apps and retail providers generated $42.5 million in adjusted gross revenues, contributing $5.3 million in taxes to the state. This October tax revenue is a new record for Louisiana.

Last 12 months numbers show dramatic improvement

As the Louisiana legal sports betting industry matures, October’s figures offer a comparison between the state’s first and last 12 months of sports betting legalization, showing continuous improvement.

In the last 12 months, the handle for legal sports betting in Louisiana has seen a significant increase compared to the first year of legalization. Between November 2022 and October 2023, approximately $2.7 billion was wagered at sports betting sites and casinos, up from $1.85 billion during the previous 12-month period.

During the period from November 2021 to October 2022, Louisiana sportsbooks reported $211.8 million in gross revenue. In the following year, from November 2022 to October 2023, state sportsbooks saw revenues of $292.8 million.

In Year 1, the hold rate was 11.45%, which decreased slightly to 10.87% in Year 2. Additionally, taxes paid increased from $26.3 million in the first year of legal sports betting in Louisiana to almost $41.6 million in the second year.