Louisiana Sportsbooks See Record Revenue
Author:
Muhammad Gregory
In Louisiana, sports betting revenue hit a record high, reaching $43.1 million in September, marking a significant increase of 37.7% compared to the same month the previous year. While the revenue soared, the state narrowly missed its all-time handle record, coming in just below the previous record set in December 2022, with a combined total of $36 million.
In Louisiana, sports betting revenue reached a record high in September 2023, arriving at an impressive $43.1 million, standing as a notable increase of 37.7% compared to the same month the previous year.
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Louisiana Players Bet Almost $250 Million on Online Sports Betting in September 2023
Louisiana’s sports betting industry marked a significant milestone in September, as it reported an all-time high in revenue, reaching $43.1 million. This remarkable achievement underscores the state’s growing prominence in the sports betting landscape.
The combined gross revenue from online and retail sports betting operations surged by an impressive 37.7% compared to the same period the previous year, with September 2022 recording $31.3 million in revenue. This achievement comfortably surpassed the previous state record of $37.2 million, which was set in December 2022. Breaking down the revenue figures, online betting played a pivotal role, contributing a substantial $36.0 million, while retail wagering accounted for $5.7 million in Louisiana.
The adjusted revenue, which factors out promotional betting, amounted to $41.8 million, reflecting a notable increase of 34.0% compared to the previous year. Consumer spending also experienced remarkable growth, with the total handle for September reaching $280.1 million. This marked a significant increase of 37.4% compared to the $203.8 million wagered in the same period in 2022. This total handle was just shy of the all-time record of $282.3 million, set in January of the same year.
The numbers reveal a robust betting landscape in Louisiana, with players betting a significant $248.8 million on sports via online platforms, and an additional $31.4 million at retail sportsbooks across the state. This data reinforces Louisiana’s position as a growing hub for sports betting, with a continually expanding market and heightened enthusiasm from both online and retail bettors.
Football Lead the Way in Terms of Louisiana Sports Betting in September 2023
In a detailed examination of sports betting performance in Louisiana, it’s clear that the industry experienced significant revenue growth in September. When dissecting the numbers by sport, football emerged as the most lucrative, contributing a substantial $9.1 million in revenue. This included $7.3 million generated through online betting and an additional $1.7 million from retail sportsbooks.
Following closely behind, basketball secured the second spot with $6.8 million in revenue, while soccer contributed $272,335. Parlay bets, a popular choice for many bettors, added an impressive $23.1 million to the total revenue. The remaining revenue was dispersed across various other sports.
From a taxation perspective, online betting activities significantly benefited the state’s coffers, generating $4.7 million in tax revenue for Louisiana. Retail wagering, although contributing slightly less, still added a respectable $572,554 to state tax funds.
When we analyze the financial year-to-date performance for the three months leading up to September, gross revenue amounted to a noteworthy $76.4 million. This figure further emphasizes the strength of the sports betting sector in the state. Adjusted gross revenue for the same period came in at $73.3 million, indicating robust growth and a positive trajectory for the industry.
Player spending in the first three months of Louisiana’s financial year also reflected the enthusiasm for sports betting, reaching an impressive $450.6 million. These figures underscore the substantial role sports betting plays in the state’s economy and the increasing interest of both online and retail bettors in the region.
Caesars Added Louisiana Sportsbook Locations Back in September 2022
Caesars Entertainment, a prominent figure in the sports betting and casino industry, made waves with two significant announcements back in September 2022. The first involved a platform update in Pennsylvania, while the second pertained to an expansion into the vibrant market of Louisiana through the addition of multiple physical retail sportsbook locations.
As of the latest updates, the overhauled Caesars Sportsbook & Casino mobile app is available for download by sports enthusiasts based in Pennsylvania. This transformation promises a renewed and enhanced sports betting experience coupled with an array of engaging casino gaming options.
Among the highlights of the newly updated mobile app are innovative features that include additional deposit methods, expedited payouts, live scoreboards, and an extensive selection of in-play betting options. These improvements are tailored to meet the evolving needs and preferences of bettors.
The revamped mobile app offers another critical feature – seamless integration with the Caesars Rewards customer loyalty program. This integration allows players to accumulate valuable points, redeemable for exclusive opportunities spanning Caesars’ extensive portfolio, encompassing gaming, hospitality, entertainment, nightlife, dining, and various venues.
The expansion into the state of Louisiana, on the other hand, brings Caesars Entertainment into a burgeoning market known for its enthusiasm for sports betting and gaming. This strategic move signifies the company’s commitment to broadening its footprint and offering its services to a wider audience. These developments further underscore the dynamism of the sports betting and gaming industry and the commitment of industry leaders like Caesars Entertainment to meet the ever-evolving needs of their clientele.
Louisiana Sports Betting Market Raked in $211 Million in March 2022
The inaugural month of legal online sports betting in Louisiana revealed intriguing figures in March 2022, as eager sports enthusiasts in the state embraced the newly regulated market. After the launch on January 28, 2022, Louisiana’s sports betting industry saw a flurry of activity, marking a significant step in the state’s gambling landscape. While Louisiana had already opened its retail sports wagering market in October 2021, the introduction of online sports betting brought fresh opportunities for both operators and consumers.
The rollout of online sports betting in the state was marked by the debut of several prominent sports betting operators, including Penn National Gaming with its Barstool Sportsbook, Caesars, DraftKings, Rush Street Interactive featuring the BetRivers Sportsbook, and FanDuel Group in collaboration with Boyd Gaming, owned by Flutter Entertainment. In the first four days of regulated online sports gambling in Louisiana, consumers enthusiastically staked more than $40.5 million, providing an initial glimpse of the market’s potential.
For the first full month of legal online sports wagering, total stakes reached a substantial $211 million. While this figure is indicative of the strong appetite for sports betting in the state, it’s crucial to examine the revenue generated. In this context, the state witnessed revenue totaling $16.7 million for this period. Notably, this amount included $11.7 million derived from promotional wagers, signifying the competitiveness of the Louisiana market and the operators’ efforts to attract bettors.
When promotional wagers are excluded, the revenue narrows down to $2.7 million, providing a clearer perspective on the state of the industry. These figures offer a promising start for Louisiana’s online sports betting market, hinting at the potential for sustained growth in the future. As the market matures and more operators join the fray, further changes in the betting landscape are anticipated.
