March Madness Provides Louisiana Sportsbooks Its Third-Best Month Ever

A common theme has been established in March among U.S. sports betting states with the best sports betting apps, and it's most recently extended to Louisiana after Thursday's Louisiana Gaming Control Board revenue report.

Louisiana sports betting apps and retail providers were aided by a tantalizing Men's NCAA Basketball tournament and also defending Women's Champion LSU and its march deep in the tournament.

Louisiana sportsbooks managed the highest hold rate of the 21 jurisdictions that have released March sports betting numbers so far.

With March's figures added in, the Louisiana sports betting scene surpassed a lifetime handle of $6 billion for the 29 months that sports betting and betting sites have been legal in the Pelican State.

$350 million March handle

Louisiana sportsbooks reported a combined $350-million handle for March, the third-best monthly wagering total in the market's two-and-a-half years of operation.

$350 million represents a 40.4% year-over-year spike from the $232.7 million reported in March 2023. It's also a more than $75 million month-over-month increase from the $274.8 million from February.

The March totals allowed Louisiana's best sportsbooks to surpass the milestone lifetime $6-billion mark in terms of accepted bets.

$37.7 million in revenue

Revenues for Louisiana's best sportsbooks, which offer Louisiana sportsbook promos, came in at $37.7 million for March. That figure is a 16.7% increase from March 2023, when $32.3 million in revenue was reported. The revenue jump came despite a 2.2% dip in the overall hold rate for Louisiana providers. It also represents an even larger $6.5 million month-over-month jump from $31.1 million in February.

The hold rate for Louisiana sportsbooks was 10.8%, the lowest win rate in the Pelican State since 8.2% in November. Still, the Louisiana win rate ranks as the highest of any of the states that have reported March figures.

Of note, Louisiana providers have posted a double-digit win rate 14 times in the last 16 months of operation.

Adjusted gross revenue was reported to be $33.8 million after deductions and promotions. From that, $4.9 million in taxes was paid from state providers to state and local coffers.

So far in 2024, Louisiana sports betting providers have paid $14.4 million in taxes, $4.9 million more than through the first three months of 2023.

Parlays provide

For the second straight month, parlay betting kept the Louisiana sports betting scene afloat in March. Multi-leg wagers accounted for $24.1 million of the state's overall $37.7 million in revenues. Parlays have now generated at least $20 million in revenues in consecutive months.

Hoops action featured the New Orleans Pelicans and their run and LSU's march toward the NCAA Women's Elite 8, making it the top revenue-generating sport. $8.1 million in profits came from basketball in March.

Football, the usual bread-and-butter sport for U.S. sportsbooks, generated $3.9 million in losses fover the month for Louisiana sports betting apps. Over the last two months, pigskin has cost state sports betting sites $6.6 million.