Louisiana sports betting set multiple records in October, posting highs in handle and revenue primarily fueled by the popularity of parlay betting.
According to the latest state report released last week, October handle topped $308.6 million, well ahead of the previous monthly record set in January at $282.3 million. October’s mobile handle of $276.2 is up 26.1% from October 2022.
On the revenue side, Louisiana sports betting operators collected $43.3 million to eclipse the previous record revenue of $43.1 million set in September.
Parlays drive Louisiana sports betting
Parlay betting helped drive up October’s record-setting revenue.
LA sports betting apps cleared nearly $25 million off the combination bets alone.
Brick-and-mortar sportsbooks added another $2.5 million of parlays to the bottom line.
Tech focus for operators
Parlay technology has been a key focus for online sportsbooks in recent months.
FanDuel parent company Flutter recently told investors the growing popularity of its same-game parlay product is driving better margins. DraftKings CEO Jason Robins, meanwhile, alluded to FanDuel at the company’s investor day and said this is the first year the product was better than its “chief competitor.”
Caesars Sportsbook added same-game parlays for college football betting. It expects to soon roll out additional features for NBA and NHL betting.
Football betting provides boost
Unsurprisingly, football betting also boosted sportsbook revenue in October.
Between college football and NFL betting, operators cleared $7.6 million in revenue on the gridiron, well ahead of last October’s football revenue of $3 million.
Only revenue, not handle, is broken down by category in Louisiana’s reports.
LA sports betting promo deductions
Louisiana sports betting apps tightened their October promotional budgets compared to September.
All apps together offered $876,000 in free bets and bonuses or odds boosts, down from $1.3 million the previous month.
State law only allows online operators to deduct up to $5 million per year in promos, which is why promo dollars are typically lower in Louisiana than in other states.
Could promos rise in November?
November could see a rise in promo deductions as ESPN Bet took over the Barstool Sportsbook app in mid-November.
The newly branded app is offering up to $1,200 in bonuses as Penn Entertainment looks to regain market share after limiting promos as it cut ties with Barstool over the summer.
bet365 enters bayou
Bet365 made its Louisiana sports betting debut just before Thanksgiving. The UK powerhouse is now in seven US sports betting markets.
After much anticipation, bet365 started making a push in several states earlier this year. Bet365 was third in Ohio sports betting handle for four consecutive months before dropping back one spot in September.
Meanwhile, bet365 ranked fifth in Virginia sports betting handle through the first nine months of 2023.
October sports betting growth
The Pelican State’s $308.6 million October handle currently sits in the top 10 nationwide among states reporting the most recent data.
So far, Indiana sportsbooks are the only to report year-over-year declines in October. They faced online competition for the first time from Kentucky and Ohio last month.
| State | October 2023 | October 2022 | Year-over-year |
|---|---|---|---|
| New York | $2.017 billion | $1.555 billion | +30% |
| New Jersey | $1.293 billion | $1.060 billion | +22% |
| Pennsylvania | $829 million | $797.1 million | +4% |
| Massachusetts* | $567.9 million | N/A | N/A |
| Michigan | $551.1 million | $504.3 million | +9% |
| Tennessee | $445.2 million | $405.3 million | +10% |
| Indiana | $429.7 million | $446.2 million | -4% |
| Louisiana | $308.6 million | $255.8 million | +21% |
| Iowa | $255.3 million | $238.8 million | +7% |
| Kansas | $249.7 million | $189.9 million | +31% |
*Massachusetts launched sports betting at the end of January 2023.
**Data included for states reporting as of Nov. 22.
