Louisiana Sportsbooks Wrap Up October With More Than $1.8 Billion in Wagers
The Louisiana Gaming Control Board recently announced results of the state’s first year of legal sports betting. The sportsbooks’ total handle was more than $1.8 billion in wagers, generating over $26.4 million in revenue taxes for state and local government.
Legal sports betting in Louisiana produced a monthly handle of $255.5 million in October, with $36.4 million coming from retail sportsbooks at land-based casinos and other gaming venues. Online sports betting came in at $219 million from mobile sportsbooks in the state.
According to the Louisiana Gaming Control Board, legal sport bets accounted for $4.2 million for retail sportsbooks and $26 million for online sportsbooks in revenue. Board chair Ronnie Johns declared that legal sports betting “continues to move along very well with no problems” as reported by The Center Square.
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Louisiana’s Legal Retail Sportsbooks
Last October in 2021, the first retail sportsbooks opened for business in land-based casinos across the state. Louisiana’s retail sports betting offered football as the No. 1 source for generating proceeds followed by baseball, basketball, soccer and other sports.
Retail sportsbooks were the only game in town for November and December of 2021 and most of January of 2022. They formed a good start when mobile sportsbooks arrived in late January. Retail sportsbooks generated most of the proceeds from parlays at $22.8 million. Football betting revenues totaled $7 million followed by $1.8 million in baseball and $1.7 million in basketball.
Louisiana’s Legal Online Sportsbooks
Since the end of January, mobile sportsbooks generated most of their revenue in the state by parlays of $96 million. Football revenue was $19.9 million in the first 10 months on the year followed by baseball ($13.3 million) and basketball ($13 million) revenue.
Louisiana online sportsbooks, with mobile betting apps are available all across the state and FanDuel, DraftKings, BetMGM and Caesars Sportsbook are the major players.
October Soars to a Record High in Louisiana Sports Betting
The Louisiana Gaming Control Board also reported that the monthly sports betting handle hit a new high for October, 2022 at $255.5 million. September’s total of $207.5 million volume was third behind February’s total of $238.4 million. That month was aided by former LSU’s Joe Burrow and Ja’Marr Chase playing in the Super Bowl for the Cincinnati Bengals.
September and October of this year marked the new back-to-back record for the Deep South in terms of legal sports betting. Most of the betting action was placed at eight online sportsbooks but the retail sports betting venues have a win rate of15.3% in September and 11.8% in October.
More than $700 million have been bet on sports in 2022 by retail and online sportsbooks and net revenues have topped $92.5 million in the state. Louisiana is well on its way to be major factor in legal sports betting across the US market.
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