Louisiana Sports Betting: A New Era of Growth and Popularity

In recent months, Louisiana has witnessed a remarkable surge in sports betting activity, culminating in significant growth figures as reported by the Louisiana Gaming Control Board (LGCB). For September 2024, the state reported an impressive total of over $350 million wagered across both online and retail sportsbooks, demonstrating a burgeoning enthusiasm for sports wagering that shows no signs of slowing down.

Mobile Betting Dominates

A noteworthy highlight from the September report is the pivotal role of mobile sportsbooks, which accounted for more than $320 million of the total handle. This figure represents a substantial 28.6% increase from the $248.8 million wagered through mobile platforms in September of the previous year. With mobile sportsbooks holding a steady 14.8%, they generated a remarkable $47.2 million in revenue for September, reflecting a year-over-year increase of 30.9%.

This trend underscores the growing preference for digital betting platforms, likely fueled by the convenience they offer to users. Enthusiasts can now place their bets from anywhere within the state, significantly contributing to the burgeoning handle for mobile sportsbooks.

The Retail Scene

In contrast, retail sportsbooks in Louisiana experienced a modest increase, with nearly $31.7 million wagered—up 1.3% from $31.3 million in the same month last year. However, the revenue generated from these retail operators hit a slight decline, down 7.8% year-over-year from $5.7 million to $5.3 million. This dip can be attributed to a lower hold rate, which fell from 18.3% last year to 16.7% this year. While retail sports betting remains a familiar option, it’s clear that online platforms are capturing a larger share of the market.

Despite this growth, Louisiana sportsbooks have yet to eclipse their record-breaking handle of $377 million set back in December 2023. Nonetheless, the trends suggest the possibility of surpassing this record in the near future, particularly with the NFL season driving increased wagering activity.

The NFL Effect

September 2024 marked a significant milestone—the opening month of the 2024-25 NFL season. This period is historically crucial for sportsbooks across the nation, and Louisiana is no exception. The growth in sports betting handle is reflective of the heightened interest in football, which traditionally attracts a substantial portion of bets.

Comparing figures month-over-month, mobile handle surged a staggering 46.7%, jumping from $218.2 million in August to the aforementioned $320 million in September. Not only did mobile handle grow, but revenue also more than doubled from approximately $22.7 million in August to $47.2 million in September. Retail operators similarly flourished, experiencing a 94.1% increase in handle and a 49.3% rise in revenue compared to the previous month.

With predictions from the American Gaming Association (AGA) forecasting a record-breaking $35 billion wagered during the NFL season, the prospects for continued growth in Louisiana seem promising as we move deeper into the fall.

The Popularity of Parlay Bets

While the data provided by the LGCB does not specify revenue by sport per se, it indicates intriguing insights into betting preferences. Parlay bets emerged as a favored choice, accounting for approximately $35.1 million of the total revenue of $52.5 million. In comparison, football wagers brought in $5.1 million, showcasing both the popularity and potential profitability of parlay betting options in the state.

The revenue breakdown showcases how various sports contribute to the overall betting ecosystem. Baseball accounted for $2.2 million, while basketball and soccer garnered relatively modest amounts, highlighting the dominant position of football and parlays in the wagering habits of Louisianans.

Louisiana’s Betting Landscape

Louisiana boasts a diverse array of online betting platforms, with eight sportsbooks currently operational across 55 parishes. Leading names in the industry include DraftKings, FanDuel, BetMGM, Caesars, Fanatics, BetRivers, bet365, and ESPN BET. The introduction of Fanatics Sportsbook in August 2024 presents new competition in the market, especially after its acquisition of PointsBet, enhancing the options available to bettors.

In Conclusion

The landscape of sports betting in Louisiana is rapidly evolving, marked by substantial increases in both online and retail wagering. With strong momentum anticipated as the NFL season progresses, it’s clear that sports betting will continue to flourish in the Pelican State. As technology and regulation continue to advance in tandem, players can expect an increasingly dynamic and varied betting environment in Louisiana. The future looks bright for sports betting enthusiasts eager to engage in this captivating world of wagers, analytics, and excitement.