Louisiana Sportsbooks Post Huge Year-Over-Year Gains and Keep Win Rate Streak Alive
In July, Lousiaiana’s best sportsbooks proved that they are not immune to a summer sports betting slowdown. However, despite month-over-month dips in handle and revenues, the best sports betting sites operating in the Pelican State experienced significant gains year-over-year.
The Louisiana Gaming Control Board July report contained relatively good news, including that Louisiana sports betting apps and the state’s retail providers reported another impressive monthly win rate of 13.6%.
The Louisiana sports betting market can once again thank Parlay and Same-Game-Parlays for the bulk of their winnings. So far this year, multi-leg wagers have accounted for about 64% of all revenues generated for Pelican State sportsbooks.
July handle
Louisiana's best sportsbooks accepted $172.2 million in wagers in July, marking the first time since last August that the state’s handle has slipped under $200 million. Despite the dip, plenty of Louisiana sportsbook promos remain available to residents.
That figure represents a 13% month-over-month drop from the nearly $212.1 million generated in June but is an almost 40% year-over-year improvement from the $134.76 in wagering activity reported last July.
July’s totals brought Louisiana’s lifetime sports betting handle to $6.33 billion since retail sports betting launched in June 2021 and mobile sports betting went live in January 2022.
Massive hold helps revenues
Lousiaina’s best sportsbooks reported $25 million in gross revenue in July, a respectable number considering the pared-down sports menu during the month.
It is just an 8% month-over-month dip from June when Louisiana sports betting apps and the state’s retail providers reported $27.2 million in monthly profits. However, year-over-year revenues jumped 36.9% from the nearly $18.3 million last July.
Pelican State providers can thank a high 13.6% hold rate for July’s successes. Louisiana’s best sportsbooks truly did get the best of the sports-wagering public in the state during the month. High win rates aren’t new to state providers. July represented the eighth straight month of double-digit holds and the fourth consecutive month in which the state win rate exceeded 12.8%.
Tax revenue from $24 million in adjusted gross revenue was $3.5 million. It takes the year-to-date tax contribution total to $32.9 million, a whopping $12.6 million better than the total through the first seven months of 2023.
Parlays hold their own
Despite a year-to-date low in parlay and same-game parlay wagering monthly revenues, multi-leg wagering was the most lucrative market for Louisiana sportsbooks in July. Parlays accounted for $15.5 million of the overall $25 million revenue for state providers.
Of the total $248.9 million in revenues this year for Louisiana sportsbooks, parlays and same-game parlays have accounted for $158.4 million, or nearly 64%.
Monthly basketball revenues spiked to five times the total from last July. Louisiana Sportsbooks made $2.7 million in revenue from hoops in July and have now made $30.3 million in basketball revenues this year. The total for all of last year was $36.1 million.
Baseball betting in Louisiana made $2 million in revenues in July. That’s a 31.6% year-over-year profit decline for the Boys of Summer.
