Louisiana Sports Betting Hits Record Highs in October
Date: 2023-11-20 Author: Dima Zakharov Categories: SPORTS BETTING, EVENTS
Impressive Growth in Sports Betting Handle
In October, the sports betting handle in Louisiana soared to unprecedented heights, marking a 20.8% increase from the previous month and a remarkable 10.2% rise from September this year. The impressive total of $293.9m eclipsed the existing Louisiana record set in January 2023, standing at $282.3m.
Online Dominance in Wagering
Of the total handle, a substantial $276.2m was wagered online, highlighting the growing preference for digital platforms. Meanwhile, $32.4m was placed at retail sportsbooks in Louisiana.
Revenue Reaches New Peaks
The gross revenue from sports betting also witnessed a substantial year-on-year surge, reaching an all-time high of $43.3m in October. This marked a 63.5% increase, narrowly surpassing the previous record of $43.1m in September. Online gross revenue accounted for $40.1m, while retail contributed $3.3m to the impressive total.
Adjusted Revenue Insights
Examining adjusted revenue, which excludes promotional bets, the total market revenue amounted to $42.5m. Notably, $875,871 of this was deducted from online promotional bets. Football emerged as a key contributor to adjusted revenue, generating $7.3m online and $249,242 at retail. Baseball also saw popularity, contributing $3.3m in retail revenue and $437,224 retail.
Year-to-Date Milestones
Looking at the financial year-to-date performance, Louisiana witnessed a cumulative handle of $877.4m in the four months leading to the end of October. This included a substantial $786.4m in online bets and $91.0m in retail wagers. The adjusted revenue for this period reached $118.9m, with $106.0m coming from online sources and $12.6m from retail.
