Louisiana’s June Sports Betting Revenue Grows 109.6%
In June 2024, the Louisiana sports betting market experienced year-on-year growth, but compared to the previous month, the state saw a slight decline in handle and revenue.
Louisiana operators achieved an impressive hold rate of 12.8% in June 2024. (Source: Kelly, Pexels)
LISTEN TO THIS ARTICLE:According to the figures released by the Louisiana Gaming Control Board, the state’s licensed operators collected $212 million in sports betting handle in June, 30.8% higher than the $162.1 million wagered in the same month last year. However, in comparison to May this year, the handle fell short by 17.4%.
Online betting accounted for $195.8 million of the total, an increase of 34.4% year-on-year. Significantly, June marked the first month that the online handle would fall below $200 million since August 2023. Retail bets totaled $16.2 million up 12.5% year-on-year.
In the month, the operators collectively achieved a hold of 12.8%, making it the third consecutive month where their hold percentage in the state exceeded 12.5%.
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Parlay Bets Account for Highest Revenue
The hold resulted in a gross sports betting revenue of $26.2 million for June. While the revenue showed an impressive 109.6% year-on-year increase, it was lower than May’s $33.5m by 21.8%.
Online revenue accounted for $24.8 million, a 118.8% increase, while retail revenue saw a decline of 21.9%. The decrease in retail revenue followed a trend that has persisted since October last year. Throughout the fiscal year 2023-24, only two months, July and September, saw an increase in retail revenue.
Parlay bets contributed the most revenue in June, contributing $15.6 million in online revenue and $594,920 in retail revenue. Regarding individual sports, basketball was the top performer in online betting with $3.0 million in revenue. However, in the retail sector, baseball took the lead, with $249,449.
During the month, the state received $3.8 million in taxes, a 32.81% drop from the $5.7 million collected in May.
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