Louisiana's Sports Betting Sets New Revenue Record in September

In the world of sports betting, Louisiana has emerged as a shining star in the month of September, setting a new revenue record that has captured the attention of enthusiasts and industry experts alike.

Combined online and retail gross revenue in Louisiana for September 2023 reached an impressive $42.7 million, a staggering 37.7% increase compared to the previous year's $31.3 million. This achievement comfortably outshined the state's previous record of $37.2 million set in December 2022. The lion's share of this revenue, approximately $36.0 million, came from online betting, while $5.7 million was generated through retail wagering.

When taking into account adjustments for promotional betting, the revenue for September 2023 stood at $41.8 million, marking a significant 34.0% increase compared to the same period in 2022.

The total handle for September 2023 reached $280.1 million, reflecting a substantial 37.4% increase from the $203.8 million wagered in 2022. Although it narrowly missed the all-time record of $282.3 million wagered in January of the same year, this figure showcases the growing interest in sports betting. Players contributed $248.8 million through online sports betting, while an additional $31.4 million was placed at retail sportsbooks across Louisiana.

Breaking down the performance by sport, football emerged as the most lucrative option for operators, yielding a remarkable $9.1 million in revenue. This included $7.3 million from online bets and $1.7 million from retail betting. Basketball came in second with $6.8 million in revenue, followed by soccer with $272,335. Parlay bets also contributed significantly with $23.1 million, while revenue from other sports added to the impressive numbers.

Louisiana also saw substantial tax revenues from the sports betting industry. Online betting generated $4.7 million in taxes for the state, while retail wagering contributed $572,554, further boosting the state's financial resources.

For the first three months of Louisiana's financial year, the gross revenue reached $76.4 million, with adjusted gross revenue totaling $73.3 million. The spending by players in this period amounted to a substantial $450.6 million, underlining the growing popularity of sports betting in the state.

As the Louisiana sports betting industry continues to flourish, it remains a promising and revenue-generating sector for the state's economy.