Louisiana Revenue Drops Despite Record Sports Betting Handle

• Louisiana accepted $356.4 million in sports wagers for the month of November.
• Despite the record-setting handle, Louisiana’s sports betting revenue decreased $23 million from October to November.
• The Pelican State surpassed $2.5 billion in all-time sports betting handle.

NEW ORLEANS – November marked a record-setting month in the Pelican State for sports betting handle. Louisiana residents bet $356.4 million in total sports wagers for November.

Although Louisiana’s November handle was the biggest ever, sportsbooks held only 5.6% of wagers. Residents improved their legal sports betting win percentage so much that the state took a $23 million decrease from October to November.

Louisiana online sportsbooks earned $42.4 million in revenue from a 14.2% hold in October. Retail sportsbooks in the Pelican State saw a similar decline, going from a 10.1% hold to 4% in November.

Decreased Revenue Still A Large Improvement From Nov. 2022

Louisiana’s lowered November revenue is good news compared to November 2022. Louisiana suffered a $25.3 million loss in gross revenue last year, the biggest all-time monthly loss for a single state post-PAPSA in 2018.

Thanks to Mattress Mack betting on the Houston Astros to win the World Series, three sportsbooks paid Jim McIngvale $58.7 million worth of Astros futures tickets. Caesars, Barstool Sportsbook, and WynnBET were the three sportsbooks that paid out the winnings to the popular gambling figure, Mattress Mack.

The Louisiana Gaming Control Board doesn’t release sports betting numbers by operator, but they do release revenue figures by sports. Louisiana operators paid out over $1.5 million more than accepted number of wagers on baseball.

Although it was the state’s biggest loss of the year, it doesn’t compared to the near $60 million in losses from Nov. 2022. Overall, sports betting in Louisiana surpassed $2.5 billion in year-to-date handle since launching in January of 2022.

News tags: Baseball | Houston Astros | Jim McIngvale | Louisiana | Louisiana Gaming Control Board | Mattress Mack