In November, Louisiana saw a new high in sports betting, buoyed by the popularity of online platforms and the entry of new players into the market, despite a slight decrease in household participation. The sports betting industry in Louisiana announced a record-breaking volume of $356.5 million.
According to data from the Louisiana Gaming Control Board, there has been a noticeable increase in betting activity since ESPN Bet and bet365 entered the market. With an online handle of $322.9 million in November, wagers made through mobile betting applications alone topped $300 million for the first time, breaking the previous month’s record of $308.6 million. With a $33.5 million contribution, retail sportsbooks achieved the second-highest monthly total of the year.
The house had its lowest hold of the year—8.2%—despite the volume of bets, generating $29.3 million in gross revenue. This is an improvement over November of last year, when Jim “Mattress Mack” McIngvale received huge payouts that caused a $54.6 million swing in revenue.
When comparing revenue from year to year, the figures are higher. Gross revenue up to November was $310.2 million, a 75.8% increase over the same period last year. Additionally, adjusted gross revenue increased by 83.9% to almost $278.3 million.
November’s tax collection exceeded $3.2 million, bringing the annual total to $36.2 million—a $6.7 million increase over the same month previous year.
According to the LGCB’s overview, operators are spending more on promotions. Interestingly, despite Louisiana’s $5 million annual cap on promotional expenditures, a sizeable amount of funding was allocated for bet365’s entry into the state. This comes after the operator made investments in Kentucky and Virginia, and other states.
Even with the general upward trend, operators lost $1.6 million in November, mostly as a result of baseball bets. Even though it was down from October’s record, parlay winnings continued to dominate operator revenue, while sports, including basketball, football, and others, contributed to the house’s gains.
The state of Louisiana has seen steady growth in sports wagering since retail and mobile betting were made legal. The achievements coincide with continuous changes in the state’s gaming landscape, including the $250 million casino project approved by the Cordish Companies in Bossier City.
