Louisiana Sports Betting Handle Hits New Record in October

The Louisiana Gaming Control Board‘s financial reports for October revealed a sports wagering handle of $308.6 million, setting a new monthly-handle record.

This amount marked a 20.6% increase from the $255.8 million generated during the corresponding month of the previous year and recorded a 10.1% rise from the $280.1 million raised in Sept. 2023. The October handle surpasses the prior Louisiana monthly handle record of $282.3 million established in Jan. 2023.

Players in the Pelican State wagered a combined total of $276.2 million in online sports bets and $32.4 million in retail locations throughout the state.

During this period, the revenue also soared to reach a historic pinnacle. October marked an unprecedented surge, with gross gaming revenue hitting a record high of $43.3 million, boasting a remarkable 63.5% increase year-on-year.

This was slightly higher than the previous record set in Sept. 2023 with a gross gaming revenue of $43.4 million. Online revenue accounted for $40.1 million, while retail contributed $3.3 million to the total.

October net proceeds amounted to $42.5 million, showing a 40.3% year-on-year growth, with online promotional spending of $875,871. Compared to the previous month’s promotional expenses of $1.3 million, this reduction resulted in net proceeds of $41.8 million.

In the current fiscal year, Louisiana’s sports betting has amassed an overall handle of $877.4 million spanning from July to October. Of this total, $786.4 million has been attributed to online operators operating within the state’s legal framework, while $91.0 million was generated from retail sportsbooks.

Throughout this fiscal period, the adjusted revenue stands at $118.9 million, with online betting contributing $106.0 million and retail channels accounting for $12.6 million in revenue.

Football Bets Leads the Way in Louisiana Betting Landscape

In Louisiana, football emerged as the top choice among bettors, generating the highest betting activity. Football wagers raked in net proceeds exceeding $7.5 million, with mobile platforms contributing $7.3 million and retail platforms adding $249,242 to the total.

Baseball emerged as the second most wagered sport in the state, achieving half the adjusted revenue obtained from football, amassing $3.7 million in net proceeds. Online betting stood at $3.3 million, while retail betting yielded $437,224 in revenue.

Basketball betting showed notable interest, yielding an adjusted revenue of $2.2 million, primarily driven by online betting contributing $2.1 million, while retail sportsbooks generated $96,598 in revenue.

Parlay betting emerged as the most highly rewarding bet type, amassing an adjusted revenue of $25.0 million from online operators, while retail betting platforms accrued $2.5 million in revenue from parlay bets. Other betting categories contributed $1.5 million through online betting channels and incurred a loss of $18,467 from retail operations.

About the Author
Tebearau Egbe

Tebearau Egbe

Tebearau Egbe is a seasoned gambling writer with more than four years of experience. Armed with a Masters degree in philosophy, Egbe possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives that captivate readers.

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