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Louisiana records highest sports wagering activity in November

Louisiana sets sports betting record in November despite lower household, driven by online platforms and new entrants.

louisiana sports wagering revenue
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Louisiana's sports wagering industry has reported a record-breaking handle of $356.5m in November.

The Louisiana Gaming Control Board's data highlights a surge in betting activity, coinciding with the introduction of ESPN Bet and the market entry of bet365.

November's online handle of $322.9m surpassed the previous month's record of $308.6m, marking the first instance where mobile betting apps alone surpassed $300m in wagers.

Retail sportsbooks contributed $33.5m, marking the second-highest monthly total for the year.

Despite the betting volume, the house experienced its lowest hold of the year at 8.2%, resulting in a gross revenue of $29.3m. This represents a positive shift from the previous November when substantial payouts to Jim ‘Mattress Mack’ McIngvale led to a $54.6m swing in revenue.

Comparing year-over-year revenue, the numbers have seen an increase. With $310.2m in gross revenue up to November, there's been a 75.8% surge compared to the previous year. Adjusted gross revenue has also surged by 83.9% to nearly $278.3m.

Tax collections for November surpassed $3.2m, contributing to a yearly total of $36.2m, which is ahead of last year's pace by $6.7m.

The LGCB's overview highlighted a resurgence in promotional spending among operators. Notably, bet365's entry into Louisiana saw a significant allocation of funds, despite the state's $5m annual limit for promotional spend. This follows the operator's investment in other states like Kentucky and Virginia.

Despite the overall positive trend, operators faced a $1.6m loss in November, primarily driven by baseball wagers. Parlay winnings dominated operator revenue, though it reduced from October's record, while football, basketball and other sports contributed to the house's gains.

The continuous growth in sports wagering reflects Louisiana's upward trajectory since legalising retail and mobile betting. The milestones come amid ongoing developments in the state's gaming landscape, including the Cordish Companies' approved $250m casino project in Bossier City.

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