The Louisiana Sports Betting Market Sets Another Record as Sportsbooks Dominate the Results Once Again
Sports betting handles across the country have plummeted due to the summer slowdown; however, many states matched the national trend in July as they generated higher revenue totals for the month. The same could be said about Louisiana’s the Louisiana Gaming Control Board released its numbers on Monday.
Louisiana’s Sports Betting Handle Performance for July
Sportsbook operators in the Pelican State reported a handle of $118.3 million in bets which meant that the monthly handle dropped once again from the previous month. The total handle declined more than 10 percent from June.
Factoring in all the possibilities, July is usually a tough month for the sports betting industry as the MLB is the only major sport that is in season. The average betting volume is expected to slowly increase as the NFL preseason should interest many bettors.
On the retail wagering side of things, the struggles continued for the 17 in-person locations throughout the state in the basketball category. The casinos and racetracks only brought in a total of $15 million in wagers for the month. Parlays were able to make up for the losses basketball brought.
The retail locations paid out a total of $350,653 more than the wagers accepted in the basketball category, which led to a negative of $160,000 in terms of net value. However, due to an overall hold of 9.3 percent, these brick-and-mortar locations were able to generate $1.4 million in revenue.
Diving Into the Overall Performance for These Sportsbooks in Louisiana
Despite the overall handle and retail sportsbooks falling a bit behind, the market had a very healthy hold rate as the results heavily favored the house. The state was able to record the highest hold rate in its history as the hold rate was situated at 17.5 percent.
The number certainly stands out as the previous record of 15 percent was set back in May. The previous record was the highest win rate in the post-PASPA era at the time, but Louisana set a new record once again as it will certainly be difficult to top.
Louisiana may not be one of the bigger markets when compared to New York, New Jersey, and a few others, but operators have hit the 10 percent win rate six out of the nine times during operation. The win rate of 17.5 percent is slightly more than double June’s 8.2 percent win percentage.
Operators were able to claim $20.7 million in revenue in July, which was nearly double June’s $10.9 million. Surprisingly, July’s revenue total was just the fourth-highest total in its history.
Due to promotional deductions, $131,611 wasn’t eligible for taxes, but the remaining $20.6 million was according to the rules. Each year, the seven mobile bookmakers are able to write off $5 million. The state was able to collect $2.4 million in taxes for the month.
Will the Handle Numbers Be Better in August
The national hold rate for July may exceed 10 percent as Louisiana’s strong result brought the national average a bit higher to 9.8 percent. Still, both Illinois and Nevada have yet to post their results.
According to the numbers, 10 of the 17 states that reported their results had a win rate that was higher than 10 percent. Currently, New Jersey has the lowest total for the month as the hold rate was slated at 8.5 percent.
The largest average hold rate for a month was set back in October 2019. At that time, only 12 jurisdictions across the country were accepting wagers with a win rate of 10.1 percent. Regardless of the results, July’s average total will most likely stay well above the national average of seven percent.
