(The Center Square) – Louisiana’s first full year of legal sports betting generated over $1.8 billion in wagers, which brought in over $26.4 million in state taxes.
Sports betting in Louisiana hit a monthly record of $255.5 million in October, with $219 million coming from mobile betting and $36.4 million from retail sites. According to the Louisiana Gaming Control Board, the bets generated $4.2 million in retail revenue and nearly $26 million in mobile revenue.
October was the second straight month that operators made $30 million in gross revenue, following a record $32.3 million in September. September’s higher revenue resulted from a 3.5% higher win percentage on approximately $212 million in total sports betting.
In October, retail sports betting generated $410,561 in taxes, while mobile betting generated nearly $3.9 million.
“Sports betting continues to do very well with no issues,” Ronnie Johns, chairman of the Louisiana Gaming Control Board, said at the monthly board meeting last week.
Louisiana legalized retail sports betting from November 2021, followed by mobile sports betting in January. Legislation allowed mobile operators to claim up to $5 million in advertising credits, and most took advantage of the allowance earlier in the year, resulting in increased tax revenue over the past six months.
In the first two months of 2022, mobile operators withdrew more than $21 million in tax credits, compared to just $1.2 million since July.
That reality means the state took in nearly the same amount — $11 million in taxes — from mobile betting in the first four months of fiscal 2023 as it did in the last six months of fiscal 2022.
Mobile operators top revenue from Parlay since January 2022 with $96 million, followed by $19.9 million from football revenue, $16.9 million from baseball, $13.3 million from “other” sports, $13 million from basketball and $2.3 million from football.
Retail sports betting also generated the most revenue from the parlay at $22.8 million, soccer second at $7 million, followed by “other” sports at $2.2 million, baseball at 1, $8 million, basketball at $1.7 million and soccer at $246,827 as of November 2021.
Overall, football betting alone generated $26.4 million in total revenue in the first full year of sports betting in Louisiana.
Since January 2022, the mobile sportsbook hold has ranged from minus 22.3% in the first month due to ad spend to a peak of 18.6% in July. The hold has surpassed 10% in five of the last 10 months, with an overall win percentage of 8.1% in fiscal 2022 and 13% in fiscal 2023.
The retail sports betting hold ranged from 20.4% in November 2021 to 2.3% in February 2021, with the win rate exceeding 10% in eight of the last 12 months. Total participation for the most recent fiscal year was 9.5%, compared to 13% so far in fiscal 2023.