Sports Betting

Louisiana Sportsbooks collected $34.7 million in revenue in May for a 13.5% hold

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With a 13.5% hold in May, the Louisiana Gaming Control Board reported that operators collected $34.7 million in winnings. That was the sixth consecutive month Louisiana had a win rate of 10% or higher. Additionally, their 13% hold in May was almost two times the industry standard of 7% in the first five months of 2024. The Pelican State has accepted close to $6.8 billion with an 11.6% hold in an all-time betting handle

In Louisiana, there are 18 retail and nine mobile sportsbooks for residents to use. Last month, the state accepted $256.7 million. That’s up 32.6% from May 2023. Louisiana’s handle in May 2024 was down 9.3% compared to April’s $283.1 million. They also become the 13th state to surpass $100 million in state tax revenue from sports betting. Finally, Louisiana has $25.5 million in receipts through the first five months of 2024. That’s $9.6 million more than this time last year. 

Parlays continue to be a profitable source of revenue for industry operators in Louisiana

The Louisiana Gaming Control Board does not disclose handle and revenue figures for operators across the state. Additionally, they do not offer a handle for sport-specific categories. However, revenue figures in the state showed that a bulk of operator winnings came from parlays and same-game parlays. With $22.7 million in winnings from parlays in May, they topped $20 million for the sixth consecutive month. That was a whopping 65% of the state’s gross winnings. Louisiana has $126.7 million in revenue from parlays and same-game parlays in 2024. Accounting for 64.5% of operator winnings. 

Along with the profit from parlays, Louisiana saw increased revenue through its “catch-all” category. That includes golf, tennis, boxing, mixed martial arts, and motorsports. Last month, they had a record $5.7 million in revenue from these sports. That beat their previous high of $4.4 million in September 2022. Brick-and-mortar casinos in Louisiana collected $18.4 million in bets for a $12.5% hold, winning $2.2 million. Mobile sportsbooks accepted $238.3 million, collecting $32.4 million in winnings on a 13.6% hold.