The dollar amount of sports betting in Louisiana climbed to a record high in October as residents of the Pelican State took full advantage of their mobile wagering and football-related options.
Numbers recently reported by the Gaming Enforcement Division of the Louisiana State Police show the state’s retail and online sports betting sites handled approximately $255.5 million in wagers in October.
Last month’s wagering in Louisiana was well up from $207.5 million bet at books in September and marks a new monthly record for the southern state, which didn’t have mobile sports betting available in October of 2021. The previous record was $238.4 million in monthly handle in February, helped in part by LSU alums Joe Burrow and Ja’Marr Chase playing in the Super Bowl.
Most of October’s action in Louisiana was placed at its eight online sportsbooks, as the state's handle from mobile sports betting was $219 million, while retail wagering was about $36.5 million.
The pigskin provides, again
Gross revenue from legal sports betting in Louisiana last month was about $30.7 million, or a hold of 12%. After accounting for free bets and other promotional deductions, net proceeds were $30.2 million, or a win rate of 11.8%.
Receipts were a bit weaker than what Louisiana’s bookmakers earned in September, when net proceeds were approximately $31.8 million and the monthly hold was around 15.3%.
Total taxes paid last month by retail and mobile operators was $4.3 million.
Once again, though, the impact of football was felt in the financial results. According to the October numbers, football wagering was responsible for $2.6 million of net revenue for online sportsbooks during October, more than any other sport. Parlays, however, garnered operators $19.6 million of net revenue for the month.
More than $700 million has now been wagered at Louisiana sportsbooks during 2022, and net proceeds have topped $92.5 million. Taxes paid by operators is around $12.4 million thus far.
