In September, Louisiana’s sports betting market witnessed remarkable growth, with a handle of $280 million, marking a substantial 44% year-on-year increase.
Strong Performance:
Louisiana’s sports betting market recorded a robust performance in September, with a handle of $280 million. This figure signifies a significant 44% increase compared to the same period the previous year, making it the second-highest handle on record, trailing only behind January 2023 when it reached $282.3 million.
Record-Breaking Gross Revenue:
The state’s 18 retail sportsbooks and nine mobile operators reported an all-time high in gross revenue, totaling $43.1 million for September. This milestone emphasizes the growing popularity of sports betting in Louisiana.
Retail vs. Online Sports Betting:
Breaking down the figures, retail sportsbooks accounted for $31.2 million in bets and $5.7 million in revenue. In contrast, online sports betting saw significant action, with $248.8 million in bets and $37.4 million in revenue. The data highlights the increasing preference for online wagering among bettors.
Popular Sports:
In terms of sports popularity, besides parlay betting, basketball emerged as the most favored sport for betting in Louisiana. It was closely followed by baseball, indicating the diverse interests of sports bettors in the state.
Tax Revenue Milestone:
Louisiana achieved a significant milestone in September, as monthly tax revenue surpassed $5 million for the first time. The state received $5.3 million in taxes, reflecting the growing financial benefits of the burgeoning sports betting industry. Taxes for the first nine months of 2023 totaled $26.7 million, marking a substantial increase of nearly $6.7 million compared to the same period in 2022.
Year-to-Date Growth:
Year-to-date figures reveal a substantial growth of 21.9% in the sports betting handle for the first nine months of 2023, which amounted to $1.86 billion. This data underlines the sustained expansion and popularity of sports betting in Louisiana.
Louisiana’s sports betting market continues to experience impressive growth, with a 44% year-on-year increase in the handle for September. The state’s record-breaking gross revenue, expanding tax revenues, and growing popularity of online sports betting all contribute to the thriving sports wagering industry. With consistent growth throughout the year, Louisiana’s sports betting market is poised for a promising future.