Lousiana Sports Betting Sees $31M in Revenue in March
Despite Louisiana sports betting handle witnessing a 2.4% decline from February, the sportsbooks collected nearly $31 million in March.
According to the latest numbers released Monday by the Louisiana Gaming Control Board, the state’s mobile and retail operators combined for $232.7 million, which was a dip from $238.41 million reported in February.
Gross revenue soared to 13% as the win rate was nearly two percentage points higher than in February.
In March, the seven mobile operators reported a combined handle of $205.7 million, down from $211 million reported in February – the state’s first month of mobile betting.
Six mobile platforms were cleared for mobile Louisiana sports betting launch on Jan. 28, 2022. DraftKings, BetMGM, FanDuel, Caesars, BetRivers, and Barstool Sportsbook kickstarted the industry in Louisiana just in time for Super Bowl betting.
WynnBET, the seventh operator, joined days later to grab its share from the market that could see as many as 40 commercial mobile skins in Sugar State – plus one for the Louisiana Lottery.
Louisiana Mobile Pulls $26.4M in Revenue
Louisiana sportsbooks reported around $26.4 million in online revenue. Both hoops and parlays drew the lion’s share with a win rate of 13.3%. The online hold of 14.2% by seven mobile operators more than doubled the Sugar State’s 15 retail sportsbooks, which saw nearly $27 million in bets.
The state regulator does not reveal handle and revenue reports by operator, nor does it give handle by sport. So, we can’t officially know exactly how much was wagered on basketball and parlays.
In addition, Louisiana was able to tax a significant majority of sports betting revenue for the first time since mobile went live. Each online bookmaker is allowed $5 million in promos, and almost 60% of it had been allocated in January and February, with sportsbooks still attracting new bettors with Super Bowl sign-up offers.
Louisiana online gambling drew more than $3.4 million on $30 million in adjusted revenue.
Why Didn’t March Madness Reflect Super Bowl Craze in Louisiana?
Louisiana sports bettors showed more enthusiasm in February, with a Houston furniture salesman alone wagering two Super Bowl mobile bets totaling $9.5 million. In February, Jim McIngvale traveled from Texas, where sports betting is illegal, next door to Louisiana to bet on the Bengals to win the Super Bowl against the Los Angeles Rams. Rams had managed to stage a comeback victory, costing Texan a combined $9.5 million.
Louisiana is the only Gulf Coast State that allows regulated mobile sports betting.
The sports betting might have been higher in March if LSU had not bounced in time from the March Madness tournament. On March 18, the Tigers lost to Iowa State, 59-54.
Louisiana Mobile Betting Available in 55 Parishes
Louisiana’s seven mobile sportsbooks are fully operational to take mobile bets across the 55 of 64 parishes that approved sports betting in the November 2020 referendum.
These mobile operators serve as the mobile skins of some of the state’s commercial casinos. Louisiana bettors can download the apps and bet from anywhere in those 55 parishes that include one of the state’s huge gaming hubs of New Orleans, Lake Charles, Baton Rouge, and Shreveport/Bossier City.
The remaining nine parishes where sports betting is not legal are in north-central rural Louisiana.