Louisiana Sportsbooks Enjoy Record October

It has been 24 months since Louisiana welcomed its comprehensive retail and mobile legal sports betting industry. The wagering scene in the Bayou State has been strong, but it took until October 2023 for the state's best sports betting sites and retail providers to eclipse the $300 million handle mark.

According to a Louisiana Gaming Control Board report released Thursday, Louisiana sportsbooks broke a monthly handle record while eclipsing the milestone $300 million figure in October. They also topped a revenue record set just the month before.

October's report also highlighted sportsbooks' immense success against their wagering public as the hold in the Louisiana sports betting scene continues to turn heads.

$308.6 million bet in Louisiana during October

Louisiana sportsbooks benefitted tremendously from five full weekends of NFL and college football action during October. According to the state's sports betting revenue report, $308.6 million was spent with Louisiana's best sportsbooks during the month as many bettors surely took advantage of Louisiana sportsbook promos. The figure bests the previous record $282.3 million handle reported in January 2023.

Eighty-nine percent of the Bayou State's total October sports betting handle came from Louisiana sports betting apps.

The record October handle is about a $28.5 million month-over-month improvement from September's sports wagering haul.

Revenues reach record highs too

Louisiana sportsbook revenues followed October's upward trajectory and set a new record for providers in the state. The Bayou State reported $43.3 million in gross revenue for its sportsbooks in October, topping the previous record profits in September when $43.14 million was reported. The gross revenue is about $12.5 million more than was reported in October 2022.

Impressive revenue totals come on the heels of another very good month regarding the hold rate for Louisiana sports betting providers. Bayou State sportsbooks held 14% in October, double the national average of 7%. Louisiana sportsbooks have held at least 12% 13 times in their 24 months of operation, providing a significant boon for sports betting operators.

Adjusted gross revenues for Louisiana sports betting apps and the state's retail providers was $42.5 million, resulting in $5.3 million in taxes being contributed to the state. The October tax revenue haul is also a record for the Bayou State.

Last 12 months numbers show dramatic improvement

The Louisiana legal sports betting industry continues improving as the platform matures. October's figures allow us to compare the figures from the state's first 12 months of sports betting legalization with the last 12 months.

Overall, the handle is up dramatically for the last 12-month period compared to the first 12 months of legal sports betting in the state. From November 2022 to the end of October 2023, nearly $2.7 billion was spent with Louisiana sports betting sites and at retail sports wagering casinos. From November 2021 to October 2022, that number was $1.85 billion.

Revenue totals for that period are even more impressive, as $211.8 million in gross revenue was reported for Louisiana sportsbooks from November 2021 to October 2022, while $292.8 million in revenues flowed to state sportsbooks from November 2022 to October 2023.

The hold rate for Year 1 was 11.45%, compared to the 10.87% in Year 2, and taxes paid spiked from $26.3 million in the first year of legal sports betting in Louisiana to nearly $41.6 million in the second year.