Louisiana’s sports betting industry had an incredible month in November, with a record-breaking handle of $356.5m. This surge in betting activity coincided with the introduction of ESPN Bet and the market entry of bet365.
Mobile betting apps alone surpassed $300m in wagers for the first time, with November’s online handle reaching $322.9m, surpassing the previous month’s record.
Retail sportsbooks also contributed to the success, bringing in $33.5m, the second-highest monthly total of the year.
Despite the high betting volume, the house had its lowest hold of the year at 8.2%, resulting in a gross revenue of $29.3m. This is a positive shift from the previous year’s November, which saw a significant revenue swing due to large payouts.
Comparing year-over-year revenue, there has been a significant increase. Gross revenue up to November reached $310.2m, a 75.8% surge compared to the previous year. Adjusted gross revenue also saw a considerable increase of 83.9% to nearly $278.3m.
Tax collections for November also surpassed expectations, contributing to a yearly total ahead of last year’s pace by $6.7m.
Operators in Louisiana have seen a resurgence in promotional spending, with bet365 allocating significant funds despite the state’s annual limit. This follows their investment in other states as well.
Despite an overall positive trend, operators faced a $1.6m loss in November, primarily due to baseball wagers. However, parlay winnings still dominated operator revenue.
The continuous growth in sports betting reflects Louisiana’s success since legalizing retail and mobile betting. This progress comes alongside new developments in the state’s gaming landscape, including a $250m casino project in Bossier City.