Louisiana March Sports Betting Revenue Exceeds $37.7 Million
Louisiana sports betting handle increased by 41% year-on-year to $350 million in March 2024, as per the latest monthly wagering report released by the Louisiana Gaming Control Board.
Louisiana posted a sports betting handle of $350 million and gross revenue of $37.7 million in March 2024. (Source: Lindsey Flynn, Pexels)
LISTEN TO THIS ARTICLE:While the handle was higher than the $249.3 million recorded in March last year, it was also 27.37% ahead of February 2024’s $274.8 million.
Mobile betting contributed $319.4 million to the total handle, while $30.6 million came in from retail locations.
During the month, operators had an average percentage hold of 11.1%, leading to gross revenue of $35.5 million for online sportsbooks. The revenue marks an increase of 23.3% year-on-year. It also rose by 16.78% compared to the $30.4 million earned in February.
With the latest figures, online operators have generated gross revenue surpassing $300 million for the ongoing fiscal year.
Retail operators added $2.2 million to the total gross revenue, bringing it to $37.7 million.
In March, operators reduced their promotional spending by $3.9 million, 36.07% behind February’s $6.1 million.
Based on a 15% tax rate, Louisiana received $4.7 million from online operators and $167,000 from retail outlets as taxes in March. In the 2024 fiscal year, sports betting has contributed a total of $40.1 million in taxes to the Pelican State.
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Basketball Accounts for Highest Revenue
Basketball generated the highest revenue for online and retail operators in March, accounting for $7.3 million and $828,000 of their total revenues, respectively in the month.
None of the individually listed sports generated over $1 million for online operators, whereas the catch-all category of "other sports" brought in $1.3 million.
In the month, parlays generated $22.8 million for online operators, marking a 14% rise from February and a 21.9% increase compared to March 2023, when operators netted $17.8 million from parlays.
Football gave retail operators the worst betting activity in March, resulting in losses exceeding $4 million.
Louisiana Bans College Prop Bets
Earlier this month, The Louisiana Gaming Control Board announced that college prop bets will no longer be accepted in the state after August 1.
The move came a week after NCAA President Charlie Baker publicly urged states to discontinue the bets to protect the integrity of the sport and the well-being of student and professional athletes.
With the development, Louisiana joined other jurisdictions like Ohio and Maryland that placed a ban on college prop bets in 2024. More regulators are likely to join the trio as states like New Jersey deliberate on the issue.
While many states particularly prohibited collegiate prop wagers when legalizing sports betting, nearly 20 states continue to offer these types of wagers in the US.
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