Sportsbooks in Louisiana raked in $30.1 million in revenue in March — the highest total since legalized sports betting launched in the state in 2021.
The revenue figure came on a total handle of $232.7 million, which ranks as the state’s second-highest monthly figure. Online sports betting apps accounted for $205.7 million of the March betting handle or more than 88 percent of the total.
Retail sportsbooks and online sportsbooks combined to generate $3.4 million in tax revenue in March — the highest figure since sports betting went online in November 2021. That figure surpassed the previous high, set in January.
Great Month For Sportsbooks, Not Great For Sports Bettors
Fueled by March Madness, Louisiana bettors flocked to retail locations and online apps to place bets on college basketball, as well as the NBA and soccer. Those three sports made up the bulk of activity with nearly $14 million of overall sportsbook revenue.
Sportsbooks had a very good month. The hold rate was 13.8% in March, a figure rarely reached by sports betting operators. That means Louisiana sports bettors took it on the chin a bit more than usual in March, which adds revenue to the bottom line of sportsbooks, but also more taxes to local and state programs.
In February, thanks to the popularity of the NFL and the Super Bowl, the total sports betting handle in Louisiana was $238.4 million — a little more than $1.7 million above the March total — but revenue was lower that month due in large part to promotions offered to bettors for Super Bowl LVI.
The sportsbook hold rate for February 2022 was 7.9%, and promo deductions totaled more than $10 million compared to just over $802,000 in March.
According to a report from the Louisiana Gaming Control Board, $15.2 million in revenue for March was the result of parlays, and $13.5 million of that came from online betting, which has been a wildly popular option for bettors in the state.
Another betting option: DraftKings Sportsbook Opens At Hollywood Casino Baton Rouge
Louisiana Sports Betting In April
Now that the baseball season is underway, there are three major professional sports leagues in action: MLB, the NHL, and the NBA, which has begun its playoffs. These events should be of interest to sports bettors in Louisiana in April and into May:
- NBA Playoffs: BetMGM Louisiana Bonus Code Gives New Users $200 On a $10 NBA Bet
- NHL Playoffs: Best NHL Odds at Louisiana Sportsbooks
- MLB Regular Season: MLB Betting Odds, Season Preview, And Best Bets For The 2022 Season
Photo by John Korduner/Icon Sportswire