Louisiana Sportsbooks Winning Big

The sportsbooks in the state of Louisiana continue to win more money than the other states, at least in terms of winning percentage. The total sports betting handle has continued to decline over the last few months in Louisiana, but the hold rate has boosted total revenue numbers.

Gross sports betting revenue for the month of July in Louisiana was $20.7 million, which was almost double what it was during the month of June. This happened due to the hold percentage of 17.5%, which is the highest in state history.

Not only was the 17.5% the highest in the history of Louisiana, but it was also the highest mark in the history of U.S. sports betting. Sportsbooks won 15% of all wagers in May 2022, but the bettors in Louisiana continue to lose at a historic rate.

There have been nine total months of legal sports betting in the state of Louisiana, and the state has posted a hold percentage of more than 10% in six of those months. This massive hold percentage allowed the state to bring in over $2.4 million in tax revenue in the month of July.

Louisiana continues to see a high percentage of sports betting action coming from the state of Texas as bettors are crossing into the state to make wagers. Sports betting throughout the United States should start to pick back up in the next few months now that football is back in action.

National Average Also Up

The big numbers from the state of Louisiana have also boosted the overall numbers throughout the country, but other states had a big month of July as well. Hold rate is one of the most important things that states track in this industry, and the numbers have been impressive.

The current hold rate is sitting at 9.8% as the national average, but there is a chance that it could finally end up over 10%. Since the fall of PASPA in 2018, the national average for the hold rate sits at right around 7%.

Basketball Hurts the Books

Basketball did not bring in a large number of wagers during the month of July, but sportsbooks in the state were hit hard by this sport. Retail sportsbooks in the state nearly lost money on the sport of basketball as the gross gaming revenue was right at $160,000.

To no surprise, baseball was the most profitable single sport during the month of July, and it also brought in the most wagers. Louisiana sportsbooks won just under $5.7 million on baseball in July to help boost the overall numbers.

Football is going to lead the way in nearly every single category soon, and it will be reflected in the reports.

Another Racetrack Launches

Louisiana is one of the states where retail sports betting seems to be as popular as online sports betting. The mobile sportsbooks continue to bring in more betting action, but the retail sportsbooks are playing a big role as well.

The Louisiana Gaming Control Board just issued a new five-year sports betting license for the Louisiana Downs Casino & Racetrack. There are four racetracks in the state, but Louisiana Downs continues to be one that sees a majority of the action.

This property is located near Bossier City, and the retail sportsbook will be open even if races aren’t taking place. There will be a limited number of seats available at the new sportsbook, but it will still provide another betting opportunity.