Louisiana sports betting handle topped out at $197.7 million in February, its lowest monthly total since August 2022. It is also a 30% decrease from January’s record-high handle of $282.2 million.
Legal sports betting began at retail sportsbooks in October 2021. Mobile sports betting went live a few months later, in early 2022.
In February, nearly 90% of sports betting dollars were spent online, with mobile operators holding 10%. Total revenue reached $192 million, and Louisiana collected $2.54 million in taxes, according to figures released recently by the Louisiana Gaming Control Board.
Louisiana sports betting drop par for course
Of the 10 states with the highest reported handle in February, none saw a month-over-month handle drop of less than 17%.
Coming back to earth after big starts to 2023
Nine states posted record-high sports betting handle figures in January, with Louisiana among them.
- New York: $1.79 billion
- Ohio: $1.11 billion
- Illinois: $1 billion
- Louisiana: $282.2 million
- Kansas: $206 million
- Connecticut: $167 million
- Oregon: $62 million
- Rhode Island: $62 million
- Arkansas: $32.9 million
In January, Louisiana Gaming Control Board Chairman Ronnie Johns told LSR the state is more than pleased with its first year of legal sports betting, adding LA sports betting exceeded expectations.
Promotional spending drops for online sports betting
Online sportsbooks dropped promotional spending in February ($4 million) by nearly 50% from January ($7.72 million.)
It is an even more considerable drop-off year-over-year at nearly 60%. Mobile operators spent heavily in February 2022, Louisiana’s first complete month of legal online sports betting, deducting more than $10 million in promotions from their revenue.
January offers more sports betting variety with a full spread of NFL betting, including the playoffs, which could explain the difference in the handle and promotional spending month-over-month.