Louisiana Underscoregs Ride Impressive Win Rate to Reasonable April Revenues

According to the April report from the Louisiana Gaming Control Board, the top sports betting sites in Louisiana are consistently outperforming the betting public.

Sports betting activity in Louisiana decreased from the previous month, as anticipated, but saw a significant rise compared to the same time last year. Both Louisiana sports betting apps and retail providers experienced growth in revenues compared to the previous month and the previous year.

The revenue figures for Louisiana sports betting showed significant growth this year, as did the tax contributions from the state’s top sportsbooks to support state and local needs.

$283.1 million April handle for Louisiana

In April, sports bettors in Louisiana wagered a total of $283.1 million with sportsbooks, with $263.2 million of that amount being attributed to the top sports betting apps in the state. Retail betting accounted for approximately $19.8 million of the total handle in April.

The $283.1 million amount reflects a decrease of 19.1% compared to the $350 million in March, which was the second-highest month on record for legal sports betting in the state. Despite this decline, it marks a nearly 35% growth from the $209.75 million recorded in April 2023.

$40.4 million in gross revenue

The Louisiana sportsbook industry continues to see impressive revenue numbers, largely due to a 14.3% hold rate in April, which is more than double the national average of 7%.

Over the course of 30 months, Louisiana’s top sportsbooks have achieved monthly holds in the double digits an impressive 23 times. The state has surpassed a 14% win rate on 11 occasions during this period.

The total of $40.4 million represents a nearly $3 million increase from the previous month of March, despite a higher handle of over $63 million. The hold rate for April was 10.8%. This total is also 72.4% higher than the earnings reported in April 2023, when sportsbooks in the state made $23.4 million. Last year, the hold rate was 11.2%.

In the first four months of 2024, Louisiana sportsbooks have recorded gross revenues of $161.9 million, showing a 41.1% increase compared to the same period in the previous year.

In April, the state collected $5.4 million in tax revenue from $36.4 million in adjusted gross revenue, despite paying out $3.9 million in bonuses and promotional credits for Louisiana sportsbook promos. Year-to-date, tax contributions from Louisiana sports betting providers total $19.7 million, which is $7.3 million higher than the amount generated in the first four months of last year.

Parlays pay for providers

The Louisiana Gaming Control Board does not provide a breakdown of revenues by individual providers, but it does analyze revenues by sport and market categories. In Louisiana, parlays and same-game parlays were identified as the top revenue-generating options for the state.

Parlay markets in Louisiana are setting the pace for Pelican State sportsbooks, bringing in $27.8 million in revenue from parlays on a $139 million handle in April. This resulted in a hold rate of over 20%.

In April, basketball emerged as the top revenue-generating sport in Louisiana, bringing in $5.8 million in winnings, even as the state’s retail providers saw a decline in revenue. Baseball followed with $2.5 million in revenues, while soccer ranked as the third most successful sport for Louisiana sportsbooks.