Louisiana might have had a Joe Burrow hangover in its second full month of online sports betting.
Louisiana bettors wagered $232.7 million in March, according to a Louisiana Gaming Control Board report released Monday. That LA sports betting figure is down 2.4% from the $238.4 million in bets during February, when Burrow led the Cincinnati Bengals into the Super Bowl.
Online Louisiana sportsbooks launched Jan. 28, just in time for the former LSU star to take the field in the AFC Championship Game.
Louisiana sports betting revenue jumps
Louisiana sportsbooks generated $30.1 million in sports betting revenue, a 12.9% hold. That revenue total is a 74% increase compared to February’s $17.3 million.
The state collected $3.4 million in taxes.
Many Louisiana sportsbooks are already up against their $5 million annual deduction cap for promotional spending, which likely helped boost revenue despite the lower overall handle. Since the January launch, the seven online sportsbooks have deducted $22.5 million in promos.
The sportsbooks shelled out $802,245 in March promos, down from $10 million in February and $11.7 million in January.
Online sports betting reigns supreme in Louisiana
Online sports betting accounted for $205.7 million in March, or 88.4% of the overall handle.
The LGCB does not break out information by sportsbook operator.
The 15 retail sportsbooks took nearly $27 million in bets in March. The retail operations have handled $171.1 million since launching in fall 2021.
March Madness boost in April for Louisiana sports betting?
Basketball bets accounted for $12.8 million of Louisiana sports betting revenue in March. Parlays generated $13.6 million in revenue.
While March Madness betting did not result in a record month in March, New Orleans hosted the Final Four in early April. The three games were played at the Caesars Superdome.
A surge of basketball fans in the Big Easy might help boost the April handle. LGCB Chairman Ronnie Johns told LSR there were 10,500 geolocation hits in New Orleans for first-time Louisiana bettors during the Final Four weekend, according to GeoComply data.
Louisiana Lottery sportsbook coming
While up to 41 skins are available for online sportsbook operators, just seven have launched so far. There is at least one more in the works, as the Louisiana Lottery closed its request for information process to find a sports betting partner in February.
The lottery hired VP of Sports Gaming Elizabeth Tranchina in February. Tranchina is leading the review process.
According to a Louisiana Lottery spokesperson, a timeline for rollout will likely be available in May.