Louisiana Sportsbooks Ride Impressive Win Rate to Reasonable April Revenues
The best sports betting sites in Louisiana continue to get the better of the wagering public, according to the April report released earlier this week by the Louisiana Gaming Control Board.
Overall sports betting activity in the Pelican State dropped month-over-month, as expected, but showed a dramatic increase year-over-year. Revenues for Louisiana sports betting apps and the state’s retail providers improved both month-over-month and year-over-year.
Louisiana sports betting revenue figures also revealed huge increases year-to-date, and so did tax contributions from Louisiana’s best sportsbooks to needy state and local coffers.
$283.1 million April handle for Louisiana
Sports bettors in the Pelican State spent a total of $283.1 million with Louisiana sportsbooks in April, with $263.2 million of that coming from the state's best sports betting apps. Meanwhile, retail was responsible for about $19.8 million in the state’s overall April handle.
That $283.1 million figure represents a 19.1% month-over-month drop from $350 million in March, which was the second-best month ever for the legal sports betting scene in the state. It is, however, a nearly 35% year-over-year increase from $209.75 million in April 2023.
$40.4 million in gross revenue
Revenue totals for the Louisiana sportsbook scene continue to impress, thanks mostly to a 14.3% hold rate in April - more than double the 7% national average.
In 30 months of operation, Louisiana’s best sportsbooks have hit double-digit monthly holds a staggering 23 times. The Pelican State has eclipsed a 14% win rate 11 times over that span.
That $40.4 million total represents a nearly $3 million month-over-month jump from March, when the handle was over $63 million higher but the hold rate was 10.8%. It is also 72.4% higher than in April 2023, when sportsbooks in the state reported $23.4 million in winnings. The hold rate last year was 11.2%.
Through the first four months of 2024, Louisiana sportsbook gross revenues stand at $161.9 million, a 41.1% improvement from the same period last year.
The state generated $5.4 million in tax revenue in April off $36.4 million in adjusted gross revenue. This comes even after $3.9 million were paid out in bonuses and promotional credits from Louisiana sportsbook promos for the month. Year-to-date, tax contributions from Louisiana sports betting providers is $19.7 million - more than $7.3 million more than was generated through the first four months of last year.
Parlays pay for providers
The Louisiana Gaming Control Board doesn’t break down revenues by provider, but it does by sport and markets. In Louisiana’s case, it was parlays and same-game parlays that proved to be the biggest revenue generator for the state.
Parlay markets in Louisiana continue to lead the way in terms of revenues for Pelican State sportsbooks, with $27.8 million in revenue reported from parlays off a $139 million April handle - good for a hold rate over 20%.
Basketball was the highest revenue-generating sport with $5.8 million in April winnings, despite negative revenue figures for the state’s retail providers. Baseball produced $2.5 million in revenues with soccer ranking as the third-most successful sports for Louisiana sportsbooks.
