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Sean Burrell of LSU gets out of the blocks as we look at the May 2024 sports betting financials for Louisiana.
Sean Burrell of LSU gets out of the blocks in the 400m hurdles during the NCAA Track and Field Championships at Hayward Field. Photo by: Craig Strobeck/USA TODAY Sports.

Louisiana sports betting apps and the state’s retail sports betting providers got the better of the betting public again in May 2024. Our best sports betting sites rode a high hold rate to a reasonable monthly revenue haul.

According to the Louisiana Gaming Control Board May report, the hold rate for Louisiana sportsbooks hit double digits for the 24th time in the Bayou State’s 31 months of operation. Providers in the state now have had a 10% or better win rate for six straight months, significantly higher than the national average of about 7% in 2024.

Louisiana sports betting activity in May was up year-over-year but down slightly month-over-month. Revenue totals climbed from May of 2023 but understandably dropped from April’s totals along with the overall handle and win rate for state providers.

In May, Louisiana became the 13th state in America to surpass $100 million in state tax revenue since launch.

$256.7 million May handle

Sports bettors in the Bayou State spent a total of $256.7 million on the nine Louisiana sports betting apps and 18 retail providers. This is predictably the year's lowest monthly sports betting total as the state slides into the annual spring/summer sports wagering slowdown.

But it's also a 32.6% year-over-year increase from the $195.1 in accepted bets in Louisiana in May 2023. It is also a 9.3% month-over-month dip from the $283.1 million that was wagered on sports in the state in April. 

High hold generates reasonable revenues

According to the Louisiana Gaming Control Board, $34.7 million in gross sports betting revenues resulted from May’s wagering activity. Louisiana’s best sportsbooks can thank a 13.5% win rate for the revenue haul. Residents have had plenty of Louisiana sportsbook promos to take advantage of over the month.

Revenues, unlike the state’s handle, were not the lowest total of the year. February’s $31.1 million still checks in as the lowest monthly revenue figure of 2024.

The $34.7 million figure represents a 17.2% year-over-year increase in monthly revenues from the $29.86 million from May 2023. The percentage increase in revenues was nearly half the handle increase because May last year saw a whopping 15.3% hold.

Louisiana sportsbook revenues fell 14% month over month from nearly $40.35 million in April when Bayou State sportsbooks held 14.3%.

A total of $5.8 million in taxes was collected from Louisiana sports betting providers in May from the $33.5 million in adjusted gross revenue. It takes the year-to-date tax contribution total to $25.5 million, $9.6 million ahead of the total through the first five months of 2023.

Parlays carry the revenue totals

The Louisiana Gaming Control Board monthly reports are rather short on other details, such as handle and revenue totals from individual operators in the state. 

From the May report, revenue totals from specific markets were made available. Parlay wagering provided the biggest boon for state operators during the month. Louisiana’s best sportsbooks made $22.7 million in revenue off multi-leg wagers in May, about 65% of the state’s total. Parlays have now produced over $20 million in monthly revenues six straight times in the Bayou State.

“Other” sports, which include golf, tennis, and combat sports such as MMA, contributed $5.7 million to the state’s revenue haul, with basketball contributing $2.6 million and baseball betting contributing $2.3 million.