Louisiana is the latest market to show the potential of mobile sports betting, but revenue will take some time to catch up.
Following the Jan. 28 online launch, six mobile LA sportsbooks took $40.5 million in bets during the first four days of action, according to a report presented to the Lousiana Gaming Control Board Thursday. The quick snapshot nearly matches the $49.3 million handle of the 13 retail LA sportsbooks took during the whole month of January.
In total, the state’s bettors wagered approximately $89.8 million in January. Before adjusting for promotional spending, mobile sportsbooks generated approximately $2.7 million in revenue, a 6.7% hold, while the retail sportsbooks held 10.8% for $5.3 million in revenue.
Louisiana mobile sports betting launch
LGCB Chair Ronnie Johns signed six licenses Jan. 26, allowing those mobile sportsbooks to launch Jan. 28. Those six sportsbooks were:
- Barstool Sportsbook
- Caesars Sportsbook
- DraftKings Sportsbook
- FanDuel Sportsbook
Promo spending in Louisiana
The sportsbooks doled out $11.7 million in promotions in those first four days. Mobile sportsbooks lost a collective $9 million after adjusting for promotional spending.
In LA sports betting legislation, sportsbooks can deduct up to $5 million in promotional spending per year. At least one sportsbook used up the entire allocation, according to a presentation at Thursday’s LGCB meeting.
Super sports betting growth in February?
The launch came just in time to capture NFL betting on the conference championship games and two weeks before the Super Bowl.
February’s figures will include Super Bowl betting, perhaps the biggest single-game betting event in the year. Mississippi sports betting, which is retail-only, for the Super Bowl was down 21% compared to 2021, one of the few states to decline year-over-year.
Along with the big game boost, a seventh mobile sportsbook, WynnBET, launched Feb. 10.
Louisiana retail continues growth
Two retail sportsbooks opened in January:
- Amelia Belle
- Sam’s Town
Now with 13 retail sportsbooks open, the retail handle in Louisiana continues to grow. The $49 million handle in January was up 24% compared to the $39.5 million in December 2021.
After the state’s first sportsbook opened Oct. 31, Louisianans bet $27.6 million in November 2021.
More Louisiana sportsbooks coming
The state has 20 sports betting licenses, allocated to the 20 casinos and racinos.
Each of those licenses can operate up to two online skins as well.
Along with those options, the Louisiana Lottery can also operate an online sportsbook and kiosks at lottery retailers. The lottery’s RFI period for potential partners closed Feb. 15.