Sports betting establishments in Louisiana generate significant income, with a gross revenue of almost $31 million recorded in March.
Sports fans in Louisiana were left disappointed during this year's March Madness, as the house dominated the betting scene, raking in an impressive $31 million in total revenue. With a win rate of 13.3%, the state's seven online sportsbooks collected a whopping $232.7 million in overall wagers.
New York and New Jersey topped the list of states with the highest sports betting handle for March, but Louisiana snuck in at number 7, just behind Iowa. However, it was the state's mobile operators that really excelled, with a hold of 14.2%. This was more than double the 6.4% win rate seen at Louisiana's 15 retail sportsbooks.
However, the exact amount wagered on basketball and parlays remains unknown, as the Louisiana State Police does not provide handle and revenue reports by operator or by sport. Given that New Orleans hosted the men's Final Four and the NBA’s Pelicans were in playoff contention, it's likely that basketball saw a significant increase in retail wagering.
For the first time since mobile sports betting began in late January, Louisiana was able to tax a substantial portion of operator revenue. This was partially due to the falloff of promotional credits, which dropped from $10 million in January to less than $800,000 in March. The state collects a 15% tax on adjusted revenue, with some operators permitted to carry over losses from the previous month. As a result, Louisiana's total tax haul for the month was over $3.4 million on $30.1 million in adjusted revenue.
Despite a decline in handle of 2.4% from February, gross revenue for March increased by 13%, with the win rate nearly two percentage points higher. Adjusted revenue spiked by 81% month-over-month due to the near 13% hold, which was almost six full percentage points higher than February.
Louisiana legalized sports betting in 2021, with online sportsbooks like BetMGM and FanDuel launching just in time for the 2022 March Madness tournament. While the specific breakdown of sports wagering by sport during March Madness 2022 isn't available, March Madness is typically one of the most popular sports betting events in the U.S. To obtain detailed breakdowns of betting by sport during specific events, you might need to consult historical data from sportsbooks or sports betting analytics platforms.
In Louisiana's sports-betting scene during March Madness 2022, despite the high wagering volume, the exact amount parlayed on basketball and specific types of wagers like parlays remains uncertain. However, given the city's basketball-centric atmosphere, with the men's Final Four held in New Orleans and the Pelicans in playoff contention, it's probable that wagers on sports like basketball witnessed an increase.
