Louisiana’s sports betting landscape continues to evolve, marked by significant year-on-year growth in the betting handle. However, February witnessed a slight dip from January’s impressive figures.
Overview of Betting Activity:
In February, Louisiana’s sports betting handle surged to $274.8 million, showcasing a robust 39% increase compared to the previous year. Despite this remarkable growth, it fell short by 20.7% compared to January’s staggering $346.3 million. The majority of the wagers, amounting to $253.1 million, were placed online, while $21.7 million came from retail sportsbooks.
Revenue in February stood at $25.1 million, reflecting a notable 30.7% year-on-year increase. However, there was a substantial 35.5% decline from January’s revenue of $38.9 million. Online sports betting contributed significantly to the revenue, amounting to $24.3 million, while retail sportsbooks generated $780,013 in revenue for the month.
Tax Contribution:
Louisiana’s sports betting activity also contributes to the state’s revenue through taxes. In February, taxes from online wagering reached $3.6 million, whereas retail betting contributed $128,140.
Market Players:
Louisiana’s online sports betting market is vibrant, with ten operators catering to the growing demand. Established names such as ESPN Bet, BetMGM, DraftKings, and FanDuel dominate the market alongside newcomers like Bet365 and ClutchBet. Notably, Bet365 and ClutchBet, owned by BlueBet, entered the market in November 2023 and January 2024, respectively.
Louisiana’s sports betting industry portrays a promising trajectory, evidenced by substantial year-on-year growth in both betting handle and revenue. Despite a slight decline from January’s peak, the market remains dynamic, driven by a mix of established players and emerging entrants. As the industry continues to evolve, stakeholders can anticipate further innovation and expansion in the months ahead.