The Louisiana Gaming Control Board (LGCB) reported that sports wagering operators claimed more than $43.1 million in gross revenue for September, an all-time high in the state.
The revenue haul topped the previous standard of $37.2 million established last December and was 33.7% higher compared to the previous September. Handle for the month was $280.1 million, the second-highest ever behind the $282.3 million worth of accepted wagers in January.
Louisiana’s 18 retail sportsbooks and nine mobile operators had a collective 15.4% hold on gross revenue — more than double the industry standard — that ranks third-highest in 21 months of mobile wagering. Louisiana is one of three states, along with Maryland and Ohio, where sportsbooks have had a statewide hold of 15% with a minimum $200 million handle, but it has happened five times in the Pelican State compared to the one-offs elsewhere.
The state levied taxes on $41.8 million in adjusted gross revenue and received $5.3 million, an all-time high that also marked the first time the monthly total was above $5 million. Louisiana has generated $26.7 million in taxes through the first three quarters of 2023, nearly $6.7 million more than the first nine months of 2022.
Parlay revenue drives record haul
September #SportsBetting numbers 🧵for #Louisiana via LGCB. Rankings out of 23 months in parentheses. Top-line takeaway:
-15th state to top $4B total handle
-Record mobile handle ($245.24M 1/23)
-Record GGR ($37.23M 12/22)
-Record AGR ($36.96M 12/22)2/x #GamblingTwitter
— Chris Altruda (@AlTruda73) October 20, 2023
The LGCB does not provide figures by operator or handle by sport category, but parlays have proven to be a consistent driver in the Louisiana market. That was no different in September, as sportsbooks claimed $23.1 million — nearly $205,000 more than the previous all-time high of $22.9 million last November.
To put that figure in some perspective, consider that Illinois reported $24.6 million in parlay revenue for August, while its $676.1 million handle was nearly 2.5 times higher than Louisiana’s. The $134.9 million in operator winnings from parlays this year in the Pelican State represents 56.8% of the total gross revenue.
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Louisiana sportsbooks also had an all-time revenue high for baseball, collecting $6.8 million. That was only the third time it cleared $5 million, and reduced the all-time overall loss for the house — largely created by Jim “Mattress Mack” McIngvale’s huge payouts last November after the Houston Astros won the World Series — to minus-$26.7 million.
Football had a top-three revenue total with $9.1 million, and the catch-all “other” category — which for Louisiana includes hockey, golf, tennis, boxing, MMA, and auto racing — provided $2.8 million to the house.
Promotional spend by operators was $1.3 million, a four-fold increase from September 2022. Operators are limited to $5 million annually in promotional spend, and they have lavished $21.2 million in credits to bettors through the first nine months of the year.
Handle and revenue up from 2022
September #SportsBetting numbers 🧵for #Louisiana via LGCB. Month/YTD Revenue by sport category:
⚾️: $6.8M/$15.16M
🏀: $74.3K/$24.82M
🏈: $9.06M/$19.9M
⚽️: $272.3K/$3.65M
🤷(🏒🎾🥊🏎️): $2.82M/$18.14M4/x #SportsBettingTwitter #GamblingTwitter
— Chris Altruda (@AlTruda73) October 20, 2023
Entering the final three months of the year, the $1.86 billion worth of accepted bets through September is up 21.9% compared to the first nine months of 2022. The hold of 12.8% is more than 1.5 percentage points higher in the same span, which has contributed to gross revenue surging 38.9% higher to $237.6 million.
Overall promotional spend is down 13% compared to 2022, and it is also more balanced than last year, when mobile operators entered Louisiana with a bang in January during the NFL playoffs and Super Bowl in February. A total of $21.7 million of the $25.4 million in credits offered by the books came in the first two months of 2022. This year, that total was $11.8 million, as operators have surpassed $1 million in monthly spending in every month except July.
