Louisiana’s Online Sports Betting Sees Significant Growth

August marked a substantial surge in Louisiana’s sports betting activity, particularly in online wagering. According to the Louisiana Gaming Control Board (LGCB), the total sports betting handle for the month reached $234.5 million, showing a notable 52.3% increase from August 2022, where the handle was $153.9 million. This figure also represented a 27.1% jump from the $184.5 million wagered in July 2024.

Sports betting apps in Louisiana continued to dominate, with mobile sportsbooks ing for $218.2 million of the total handle. This figure represented a remarkable 57.1% year-over-year surge. Retail sportsbooks, although a smaller share of the market, also saw gains, collecting $16.3 million, an 8.2% increase from the same period last year.

Boost in Sports Betting Revenue

Once winnings were paid out, Louisiana reported $25.4 million in sports betting revenue for August, reflecting a 49.5% increase from the previous year. This also marked a 5.9% rise compared to July. The state’s sports betting apps played a significant role in this growth, with a 10.4% hold contributing $22.7 million to the total revenue—a 51.2% year-on-year jump. Meanwhile, retail sportsbooks, boasting a higher hold percentage of 16.5%, generated close to $2.7 million in revenue.

This surge in revenue had a positive impact on state taxes. Louisiana’s sports betting operations paid nearly $3.7 million in taxes for August, representing a 75.3% year-on-year increase. The bulk of this tax contribution, $3.4 million, came from mobile sportsbooks, while retail sportsbooks added $268,342 to the total.

Parlay betting was the leading contributor to profits in August, ing for $13.0 million (57.2%) of mobile sportsbook revenue and $1.4 million (52.8%) of retail sportsbook revenue. The second most popular bet type for mobile sportsbooks was categorized as “Other” bets, which generated nearly $4.5 million in revenue. Football, which came in third for mobile revenue, contributed almost $2.1 million. Despite a modest wager of $279,093 in football bets during the month, this represented a staggering 649.0% month-on-month increase, positioning football for further growth with the kickoff of the 2024-25 NFL season in September.

Baseball bets followed closely behind, ing for $2.05 million in mobile sportsbook revenue. Basketball, which saw a significant drop in revenue, only generated $579,552—a 64.3% decline from July. Soccer trailed with $553,132 in revenue.

On the retail sportsbook side, football claimed the second-highest spot in revenue generation, reporting $1.3 million, an 889.2% increase from the previous month. Baseball followed with $308,513 in retail sportsbook revenue, while soccer and other bets contributed $47,942 and $47,482, respectively.

Louisiana’s journey into legal sports betting began in November 2019 when voters approved the initiative. The state legislature followed by establishing a framework for both retail and online sports betting in June 2020. By October 2021, retail sports betting was live, with Betfred Sports at Paragon Casino Resort being the first to open its doors. Legal online sports betting launched in January 2022, with six operators initially entering the market.

Currently, Louisiana is home to eight of the best-known sportsbooks in the U.S., including DraftKings, FanDuel, BetMGM, Fanatics, bet365, BetRivers, ESPN BET, and Caesars. The rapid expansion of online sports betting has played a pivotal role in the state’s increased handle and revenue figures.

Overall Gaming Revenue in Louisiana

In addition to the strong sports betting numbers, the LGCB also reported that total gaming revenue across all sectors in this state for August reached $192.7 million, a 7.6% year-on-year increase. This included revenue from online sports betting, which surged by 51%, reaching $24.4 million, with a total handle of $218.0 million, representing a 57% increase compared to August 2023.

Properties in the Lake Charles district led the way in of gaming revenue, posting $71.3 million, a 1.2% increase from the previous year. Among the major properties, L’Auberge Casino Resort generated $26.0 million, while Golden Nugget Lake Charles closely followed with $25.6 million. Other districts in the state also experienced growth. The Shreveport/Bossier City district saw a 12.4% year-on-year increase, with $48.6 million in revenue, while the New Orleans district posted a 15.8% rise, generating $45.7 million.

Louisiana’s booming online sports betting market is not only increasing state revenues but also benefiting local economies through job creation and entertainment offerings. The sharp rise in sports wagering, especially through mobile platforms, suggests that Louisiana’s sports betting sector will continue to play a vital role in the state’s broader gaming industry.

With the NFL season now in full swing and other major sports leagues set to begin their seasons, the state’s sports betting handle and revenue are expected to see further increases in the coming months.

Source:

”Louisiana: August gaming revenue increases in all districts”, cdcgaming.com, September 24. 2024.

”August gambling revenue shows improvement compared to previous month”, ktbs.com, September 24. 2024.