Sports betting in Louisiana continues to be a profitable venture. That must mean that, compared to other states, this particular state is doing some things right.
As we’ve seen, different states take different approaches to sports betting and with different consequences.
Of course, each state also has its own idiosyncrasies, its own betting dynamics. For example, not every bettor in every state bets on the same teams to win.
With this being said, let’s get into the specifics.
Great February
The sports betting numbers are out for February in Louisiana.
This was a special month for the state since it was the first full one in which online sports betting was legal.
There are six top sportsbooks that operate online in the state.
These six include sportsbooks such as Caesars Sportsbook, FanDuel, and BetRivers.
For the month of February, these six reported that they accepted wager amounting to over 211 million dollars.
Overall, the state’s gaming commission reported a handle amounting to over 238 million dollars for the month.
The Super Bowl certainly helps explain Louisiana’s strong February.
There had to be special attention paid to the big game by Louisiana bettors because they are likely LSU supporters and two key Bengal players, Joe Burrow and Ja’Marr Chase, played for LSU.
Those two former LSU superstars continue to have a loyal following in the state of their former college team.
However, two players can hardly explain why Louisiana’s February was so strong because a lot spoke against the prospect of the state doing well this month.
As other states’ gaming commissions will vociferously assert, the sports schedule was relatively slow in February.
NBA, for example, is typically a money-grabber for sportsbooks.
However, due to the All-Star Break, several days elapsed in February without any NBA games being played.
Moreover, while the Super Bowl was obviously a huge event, there were fewer football games overall than in January, which was a busy month for the sport.
Better Than Other States
Other states saw a steep decline in their sports betting handle in February.
Indiana and Maryland, for example, performed better in January than in the following month. Why should Louisiana have been any different?
If only retail, land-based betting was available in the state, then Louisiana’s February numbers would not be meriting the praise currently being accorded to the state.
In February, retail betting reported a 44.4% decline relative to the January amount.
However, mobile sports wagering saved the day as evident in the six online operators’ report of $211 million in handle.
February’s astronomical increase in revenue and handle percentage — the former rose 571.7% from January and the latter 165.7% from January — thus derives from online sports betting.
Furthermore, online sports wagering produced about $2.2 million in tax money for the state. Overall, Louisiana netted a tax total close to $2.4 million.
With March Madness around the corner and LSU participating, the sports betting landscape must appear promising for sportsbooks in the state.
Louisiana thus provides further proof that states need to allow online sports betting because of the profit it provides the state.
