The sports betting market in Louisiana has continued to demonstrate robust year-on-year growth, as evidenced by the combined online and retail handle for February. Figures were reported at a commanding 39.0% rise over the previous year, reaching $197.7 million, against the same month last year. This uptick, however, contrasts with a downward trend from the preceding month, as the handle trailed behind January 2024’s high of $346.3 million, marking a shrinking of the market for a second consecutive month.
The state saw the majority of its sports betting activity transpire online, with a staggering $253.1 million of the total February handle coming from digital platforms. Meanwhile, brick-and-mortar retail wagers contributed a more modest $21.7 million to the overall mix.
As for the revenue front, Louisiana’s market collectively bagged $25.1 million, firmly up by 30.7% from the $19.2 million recorded in February 2023. However, this figure was notably less than January’s income, which stood at $38.9 million—a hefty 35.5% difference.
The lion’s share of revenue came through the conduit of online sports betting, which raked in $24.3 million. On the other hand, retail sportsbooks brought in just over $780,000 for the month. Tax collections from these operations also mirrored similar proportions, with $3.6 million collected from online wagering and $128,140 accrued from retail betting.
Looking at the broader picture, the eight-month period leading up to February tells a story of substantial betting activity. The state’s total handle tallied a monumental $2.23 billion. Breaking this down, consumers channelled $2.03 billion of their bets online while $206.8 million was wagered at physical sportsbook locations throughout the Pelican State.
This betting activity, in turn, translated to an encouraging revenue trajectory, with year-to-date figures hitting the $258.0 million mark. Here too, online betting remained the juggernaut, contributing $235.3 million, and leaving retail sportsbooks with $22.7 million.
Louisiana’s online sports betting scene is currently bustling with key players, including an array of operators that have become household names among gamblers. ESPN Bet, Bet Rovers, BetMGM, Caesars, DraftKings, FanDuel, PointsBet, Betway, Bet365, and ClutchBet are all operating within the state, ensuring a diverse and competitive market.
Keeping the online betting sphere fresh, Bet365 and BlueBet’s ClutchBet are the latest to join the fray, with the former launching operations in November 2023 and ClutchBet heating up the competition since January 2024. The entrance of new operators indicates steady diversification and the potential for further growth in the industry.
The Louisiana sports betting market, thus, exhibits an interesting dynamic: surges in betting are countered with sporadic declines. Yet, it’s undeniable that the overall trajectory shows a market in ascension, bolstered by the capacity and convenience of online betting.
This intensifying market illustrates the evolving landscape of sports betting in the United States. Louisiana’s embrace of both in-person and online sports betting is playing a pivotal role in shaping regional market trends and the behaviors of American bettors. As the state adjusts to this relatively new frontier in recreational and sports entertainment, the numbers suggest a continued expansion and perhaps, in time, stabilization as the market matures. What remains clear is that Louisiana is indisputably becoming a significant hub for the sports betting industry.
