Sports betting is big in the Bayou State.
The Louisiana Gaming Control Board announced a statewide hold of 14% on gross sports betting revenue for July, as Pelican State sportsbooks continued to dominate the betting public.
This marked the eighth consecutive month with a double-digit win rate and the fourth straight month at 13% or higher. Louisiana sportsbooks haven’t dipped below 10% since recording an 8% win rate last November.
The impressive hold in July generated $25 million in gross revenue, a 37% increase compared to last year. This matched the percentage increase in handle, which reached $172 million, with the win rate from 12 months prior being nearly identical. Handle was down 13% from June, while revenue slipped 8%.
July Continues Big Year for Sports Betting in Louisiana
Louisiana’s online sports betting market, which launched in January 2022, has seen significant growth. As of June 2024, it has grown by about 37% compared to 2023, with over $3 billion in bets placed this year.
The state’s betting tax rate is 15%, but operators can offset future net proceeds with any losses incurred.
The state was able to tax $24 million in adjusted gross revenue in July, adding $3.5 million to Louisiana’s coffers. The $33 million in receipts for the first seven months of 2024 is more than $13 million ahead of last year’s pace.
Mobile Apps Have Another Good Month in Louisiana in July
In July, the state’s nine sports betting apps combined for a 14% hold, winning $24 million. It was the fourth consecutive month that digital operators reached a 13% hold, the longest streak since mobile betting launched in January 2022.
All-time mobile gross revenue is $750 million, with operators achieving a 12% win rate from more than $6 billion in handle.
Fanatics Launches in Louisiana
Coming off a strong July, you can only expect the numbers to grow now that there is a new sports betting option available in Louisiana.
Fanatics Sportsbook has officially launched in Louisiana through a partnership with Boomtown Casino & Hotel.
The Fanatics sports betting app is now available for download on both iOS and Android devices.
Louisiana marks the 22nd state where Fanatics is accepting mobile and online sports bets. With this launch, Fanatics says its sports betting service is now available to about 95% of online sports bettors in the U.S.
The app boasts several perks, including one of the fastest registration processes in the industry, up to 10% FanCash back on any bet, and the ability to stream football, hockey, and tennis events directly within the app.
In Louisiana, Fanatics will compete for market share alongside FanDuel, DraftKings, bet365, BetMGM, BetRivers, Betway, Caesars, ClutchBet, and ESPN.
Louisiana Continues To Lead by Example
Retail sports betting began in Louisiana in October 2021, followed by online betting in January 2022.
The Bayou State was among the early adopters of legal sports betting. Commercial and tribal casinos, racetracks, and online betting sites can offer the product. Based on the recent revenue report, it does not appear that the state will loosen its grip on the sports betting market anytime soon.
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