Despite hosting a slew of out-of-town bettors for the Final Four, Louisiana sports betting handle shrank for a second straight month in April.
Louisiana sportsbooks took $208.3 million in bets during April, according to a Louisiana Gaming Control Board report released Monday. The figure is a 10.5% decrease from the $232.7 million wagered in March and a 12.6% dip from February’s record of $238.4 million.
Louisiana sports betting launched in November 2021 with retail sportsbooks. Online sportsbooks debuted at the end of January 2022.
Final Four does not boost sports betting month
New Orleans hosted the Final Four at the Caesars Superdome at the beginning of the month.
Last month, LGCB Chairman Ronnie Johns told LSR there were 10,500 geolocation hits by new bettors in New Orleans during the weekend.
While it appears it helped prevent as steep of a handle drop as seen in some other states from March to April, it did not boost Louisiana market growth.
Louisiana sportsbook revenue dips too
Louisiana sportsbooks held just 2.9% for $6.1 million in gross revenue. That revenue is well off the $30.1 million, or 13% hold, the sportsbooks achieved in March.
In February, sportsbooks generated $17.3 million in revenue.
The state collected $2.6 million in taxes from April sports betting revenue.
Mobile sportsbooks still rule in Louisiana
Louisiana’s seven mobiles sportsbooks took $186 million in bets, or 89.3% of the overall handle.
Sportsbook operators deducted just $533,415 in promotional spending. In April, Johns said most operators had used their annual $5 million promo deductions.
The LGCB does not break out data by sportsbook.
Retail Louisiana sports betting dips too
Louisiana retail sportsbooks hit a record low, taking $22.2 million in wagers. That figure is down 17.8% from the nearly $27 million bet in March.
It is down 55% from January’s $49.3 million high point.
Louisiana launch date contributes to slow growth
Louisiana’s January mobile launch helps demonstrate why many states are eager to launch with the start of NFL betting season. While the mobile sportsbooks did capture the NFL conference championship games and Super Bowl, they missed the bulk of football season.
The slow summer season will likely keep LA sports betting totals low until football starts back up in the fall.
Arizona, which opened its mobile market in September 2021, grew from $291.2 million in its first month to $563.7 million in January 2022.