Sportsbooks in Louisiana Accumulate Historic Wins Against Public Bettors Once Again
Louisiana Swings It Big Again 💸
Louisiana sportsbooks continued their winning streak in July, raking in a whopping $20.7 million in sports wagering revenue. This impressive figure, shared by the Louisiana State Police, revealed that these bookmakers had a 17.5% hold - the highest on record in the state's short history.
Despite the strong numbers, July's victory was just the fourth-best haul since mobile wagering began in January. Now, let's take a closer look at the performance of these sportsbooks.
Home Run Revenue, Not So Hoops-tastic 🏀
Louisiana's retail sportsbooks faced a rocky month in basketball, resulting in a net loss of over $160,000. That setback was more than made up for by parlays, which generated a massive $12.9 million in gross revenue for operators.
The overall $70.5 million in revenue since the launch of mobile wagering accounts for slightly more than half the $139.2 million in gross revenue generated over the first nine months. Baseball was the other big revenue generator for July with $5.7 million, while soccer and football combined for $900,000. ⚽️ ⚾️ 🏈
Taking a closer look at the numbers, Louisiana sports book earnings for July were as follows:
- ⚾️ Baseball: $5,660,000
- 🏀 Basketball: $156,700
- 🏈 Football: $425,200
- ⚽️ Soccer: $474,900
- 💸 (parlay): $12,890,000
- 🤷♂️ (other)[1]: $997,000
With tax rates set at 10% for retail and 15% for online betting operators, state coffers reaped $2.4 million. Operators are holding back on promotional credits for now, likely waiting for the start of the NFL season.
National Hold Rate Rises 📈
The strong Louisiana performance contributed to a 9.8% national gross revenue hold for July, up from 9.2% in 2022. Ten out of 17 reporting states posted double-digit win rates, with New Jersey, at 8.5%, being the lowest and the only one below 9%.
While some large-market states like Illinois and Nevada are yet to report their July numbers, these early trends indicate a continued increase in hold rates across the United States. Industry leaders, such as DraftKings and FanDuel in New Jersey, are expected to report hold rates near or above 11% in Q2 2022[3] - a record high for these operators.
Compare these figures to the average U.S. hold rate, which is estimated to reach around 9.0% in 2025[2]. In Louisiana, the hold rate is consistently above 12%, making it among the highest in the nation and a solid choice for sports bettors.[1]
[1] Chris Altruda (@AlTruda73). (August 22, 2022). Sports Betting numbers for Louisiana via LSP, a 🧵. GGR by category. [Twitter]. Available at: https://twitter.com/AlTruda73/status/1559790618227504128[2] Gaming America. (2021). Louisana Sports Betting Handle Is Set for a Steady Growth, Tax Revenue Also Reaches New Heights. [website]. Available at: https://gamingamerica.com/news/louisiana-sports-betting-handle-is-set-for-a-steady-growth-tax-revenue-also-reaches-new-heights/[3] Macquarie. (2022). Q2 2022 US Sports Betting Market Review. [report]. Retrieved from: https://www.macquarie.com/ae/insights/research-reports/q2-2022-us-sports-betting-market-review
- The impressive $12.9 million in gross revenue generated by parlay bets in July significantly boosted the overall sports-betting revenue for operators in Louisiana.
- The high hold rate of 17.5% in Louisiana sports-betting for July was the highest on record in the state's short history, contributing to the state's revenue of $20.7 million.
- The strong Louisiana sports-betting performance in July, with a hold rate consistently above 12%, makes it among the highest in the nation, drawing in many sports bettors.
