Louisiana Sports Betting Turns In High Hold, Low Handle For May

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Louisiana sports betting

Louisiana sports betting handle continues a predictable downward trend following its late January online launch.

In May, Louisiana sportsbooks took $171.1 million in bets, according to a Louisiana Gaming Control Board report released Thursday. Online LA sports betting began in late January 2022.

The all-time high in Louisiana was $238.4 million during its first full month of operation in February.

Louisiana sports betting revenue strong

Louisiana sportsbook generated $25.7 million in sports betting revenue, a 15% hold.

Operators deducted just $364,295 in promotional spending. The seven online sportsbooks all are near the $5 million cap on promo deductions, LGCB Chair Ronnie Johns told LSR earlier this year.

The state collected $2.7 million in taxes during May. Since the Oct. 31 retail sports betting launch, Louisiana has brought in $12.6 million in sports betting taxes.

“We’re off to a good start,” Johns said during the board’s June meeting Thursday. “We collected more in taxes in May with $44 million less in actual wagers than April. That’s what the win ration will do for you.”

Online sports betting rules in Louisiana

The seven online sportsbooks in Louisiana took $142.9 million in bets during the month. Those operators held 15.9% to generate $22.6 million in net sports betting revenue.

The LGCB report does not break out information by operator. The seven operators are:

With Fair Grounds New Orleans opening May 26, there are now 16 retail sportsbooks in Louisiana. The retail sportsbooks handled $28.5 million in May, winning $2.7 million, a 9.4% hold.

Big month for baseball betting

Baseball led the way for individual sports in Louisiana, accounting for $5.9 million of overall revenue.

Basketball was second, with sportsbooks taking $5.1 million on hoops action.

Sportsbooks won $12.4 million on parlays.

Louisiana Lottery still coming

The Louisiana Lottery finished a request for information process in February. The lottery is now moving forward and is negotiation a contract with a sports betting solution provider, according to Kimberly Chopin, a Louisiana Lottery spokesperson.

Once finalized, the lottery will announce the partner and a timeline for rollout, Chopin said.