The Louisiana Gaming Control Board (LGCB) has released its sports betting figures for February, reporting a total handle of $197.6 million. While this represents a decline of 30% compared to January, the revenue generated from online sports betting showed a promising increase. Here are the key insights from Louisiana’s sports betting market for February.
Handle and Revenue Breakdown:
The total sports betting handle for February in Louisiana amounted to $197.6 million, reflecting a month-on-month decline.
Revenue from sports betting during the same period reached $19.3 million, which is notably lower compared to January’s revenue of $27.9 million.
Retail vs. Online Sports Betting:
Retail sportsbooks accounted for $22 million in bets and $1.5 million in revenue.
Online sports betting, on the other hand, generated significant traction, with $211 million in bets and $17.8 million in revenue.
Online wagering revenue saw a year-on-year increase of 6.7%, showcasing its growth potential within the market.
Comparing Revenue Figures:
Despite the annual rise in online wagering revenue, it fell short by 19.1% when compared to January’s $22 million.
Retail sports betting revenue demonstrated a staggering year-on-year growth of 131.8%. However, it declined by 75% from January’s revenue of $6 million.
Tax Contributions:
Licensed online operators in Louisiana contributed $2.4 million in taxes during the month, reflecting the state’s share of online sports betting revenue.
Retail wagering tax amounted to $190,122, highlighting the difference in tax contributions between retail and online segments.
Market Background:
Louisiana’s online sports betting market officially launched on January 28, 2022, marking the state’s entry into online sports wagering.
Prior to online sports betting, the state initiated sports betting at land-based casinos in October 2021.
While February’s sports betting handle in Louisiana experienced a decline compared to the previous month, the online segment showcased growth potential with increased revenue. The interplay between retail and online sports betting will be crucial in shaping the future of Louisiana’s sports betting market, and it will be interesting to see how these dynamics evolve in the coming months.