Louisiana’s appetite for sports betting surged to unprecedented levels in October 2022, setting a new benchmark in both handle and revenue within the state. Spurred by a zealous sporting season, bettors in Louisiana placed wagers totaling an astonishing $308.6 million, a significant leap of 20.8% above October 2021’s $255.5 million tally, and surpassing January 2023’s previous record handle of $282.3 million. This represents an increase of 10.2% from just a month earlier in September when the handle was a robust $280.1 million.
Digging into the specifics, the data reveals that a lion’s share of sports betting activity has gone digital. Out of the overall handle, $276.2 million was bet online, eclipsing the $32.4 million that changed hands at retail sportsbooks across the state. This continuing trend highlights the growing preference for the convenience and accessibility of online sports betting platforms among Louisiana residents.
The record-setting narrative extends to gross revenue, which soared 63.5% year-on-year to reach a historic high of $43.3 million in October, marginally outshining September’s former record of $43.1 million. Of this gross revenue, the online operations contributed a commanding $40.1 million, leaving a smaller yet significant $3.3 million share to retail sportsbooks.
When refining the numbers to account for adjusted revenue, which deducts promotional betting from gross revenue, the total market revenue came in at $42.5 million. This figure factors in the $875,871 worth of promotional bets placed online, showcasing the intense competition among operators vying for customer loyalty through offers and incentives. The adjusted revenue paints an informative picture of market returns exclusive of marketing expenditures.
The breadwinner in terms of generating adjusted revenue was football, with the online component hauling in $7.3 million while the retail sector added $249,242. Meanwhile, baseball also commanded attention with appreciable revenue: $3.3 million from online bets and another $437,224 from retail wagers. Beyond these top sports, other forms of online and retail betting contributed $25.0 million and $2.5 million in revenue, respectively.
Beyond the impressive monthly figures, Louisiana’s cumulative total betting handle for the financial year-to-date, which spans the four months ending October, manifested a blooming industry with $877.4 million wagered. This volume is composed of a hefty $786.4 million from online bets and a supplemental $91.0 million from retail sportsbooks. The fiscal revenue for the period is also noteworthy, with an adjusted revenue totalling $118.9 million, split between $106.0 million from the online bets, and a further $12.6 million from retail sportsbook operations.
These numbers reflect not just the growth of sports betting in Louisiana but also the potential for substantial tax revenue for the state, and the impact it has on the economy. With the sports betting market showing no signs of slowing down, especially with the ease of placing bets online, Louisiana’s record-breaking October figures could be a precursor to even more significant growth as the industry continues to mature.
As the state reviews and refines its regulatory framework to accommodate the expanding market, it’s clear that sports betting has firmly taken root in Louisiana’s cultural and economic landscapes. The coming months, filled with exciting sports events, are sure to be eyed eagerly by both industry stakeholders and the betting community, as they anticipate whether the records set in October will stand or be surpassed yet again.
