Louisiana Sports Betting: A Comprehensive Overview of Recent Trends and Figures
Published by Mia Doyle – News Editor at Covers.com
Oct 21, 2024 • 15:07 ET • 4 min read
The sports betting landscape in Louisiana has been remarkably vibrant, particularly as the state adjusts to the changing dynamics of the industry. According to the most recent figures released by the Louisiana Gaming Control Board (LGCB), the month of September 2024 has revealed significant growth in both online and retail sportsbooks, showcasing an exciting period for both operators and bettors alike.
Record-Setting September Figures
In September 2024, bettors in Louisiana wagered an impressive total of over $350 million through the state’s sportsbooks, combining both online platforms and retail locations. This total reflects a growing enthusiasm for sports betting in Louisiana, marking a noteworthy increase compared to previous months.
The mobile sportsbook sector alone accounted for more than $320 million of the overall handle, which is a remarkable 28.6% increase from the $248.8 million wagered through mobile sportsbooks in September 2023. This surge is indicative of the ongoing trend favoring mobile betting, paving the way for greater accessibility and convenience for fans across the state. Mobile operators enjoyed a 14.8% hold, generating $47.2 million in revenue, which represents a 30.9% year-over-year uptick.
In contrast, retail sportsbooks saw their handle reach around $31.7 million, reflecting a modest 1.3% increase from $31.3 million in September of the previous year. However, revenue from retail operations experienced a drop of 7.8%, decreasing from $5.7 million to $5.3 million due to a lower hold percentage.
Despite the growth in mobile betting, Louisiana operators have yet to eclipse the record $377 million handle achieved last December. However, the trajectory shows promising signs as the state continues to embrace sports betting.
NFL Season Fuels Month-over-Month Growth
September is often a pivotal month for sportsbooks, thanks primarily to the commencement of the NFL season. The excitement surrounding football has reinvigorated the market, resulting in dramatic month-on-month increases in betting handling and revenue.
Mobile handle skyrocketed by 46.7% from $218.2 million in August, with revenue more than doubling from the previous month’s $22.7 million. Retail sportsbooks also benefited from this surge, with their handle rising by 94.1% compared to August, moving from $16.3 million to a newly recorded figure, while revenues grew by 49.3%.
The NFL season pulled in major support as the American Gaming Association (AGA) projected a record $35 billion in wagers across the league for the duration of the season, signaling robust activity in the market for the upcoming months.
Parlay Bets Take the Lead
When it comes to revenue generation, parlay bets have established themselves as clear frontrunners. While total revenue reported for sports betting in Louisiana amounted to $52.5 million, parlay bets alone contributed approximately $35.1 million to this total. Football, which is widely popular among bettors, brought in $5.1 million, while other sports also contributed to the overall revenue. These figures reveal not only the popularity of various betting types but also the diverse interests of bettors in the state.
However, it’s important to note that the exact breakdown of revenue by sport is not fully disclosed, leaving ambiguity around the specific contributions of football parlays versus other categories.
Diverse Sports Betting Options Available
Louisiana boasts a wide array of sports betting choices with eight online sportsbooks operational across 55 parishes. Key players in this market include renowned names such as DraftKings, FanDuel, BetMGM, Caesars, Fanatics, BetRivers, bet365, and ESPN BET.
Among these, Fanatics Sportsbook has recently entered the Louisiana market, expanding its presence following its acquisition of PointsBet. This influx of platforms not only enhances the state’s betting options but also fosters a competitive environment that benefits consumers.
Conclusion
As Louisiana continues to redefine its sports betting landscape, the latest figures reveal an optimistic future. The dynamism across both mobile and retail sectors highlights the increasing acceptance and excitement surrounding sports betting in the Pelican State. With the NFL season in full swing and parlay bets taking the stage, bettors are poised for a thrilling season ahead. The ongoing developments in the industry ensure that Louisiana remains an active player in the national sports betting arena.
For more insights on Louisiana sports betting, including detailed data and operator information, you can explore local platforms and resources to stay informed and engaged with this evolving market.
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