Louisiana Reports January Sports Betting Handle, Sets a New Record

Louisiana Reports January Sports Betting Handle, Sets a New Record

Louisiana has a record-breaking January as numbers show that residents were fond of both retail sportsbooks and online wagering, SportsHandle reported citing official state numbers and its own research. According to official data released by the Louisiana Gaming Control Board, the total sports betting handle in January reached $89.7 million.

Mobile Wagering Handle Went over $40 Million

Even though mobile wagering was active for just four days in January, it averaged more than $10 million in daily handle, and the total number went to $40.4 million. Retail sportsbooks recorded a total handle of $49.3 million, which is a new record since sports betting launched in October. The total handle since the launch of sports betting reached $156.8 million.

January’s retail sports betting handle represents a 24.8% increase from December ($39.5 million) and a 76.8% increase from the handle in November ($27.6 million). However, the betting facilities weren’t able to set a new record in terms of revenue. January resulted in a $5.3 million revenue, which is 29.3% higher than the revenue in December ($4.1 million) but is 7% lower than November’s revenue, which was $5.7 million.

The sportsbook win percentage was 10.8% in January and the total tax that operators paid to the state reached $533,289.

GeoComply Data Indicated Massive Activity since Mobile Wagering Was Launched

According to GeoComply data, in the first 48 hours after mobile sports betting was launched in Louisiana (January 28 – January 30), more than 3.4 million geolocation transactions took place at online sportsbooks that are operating in the region. That includes Caesars, FanDuel, BetRivers, BetMGM and DraftKings.

Mobile operators also lost around $3.3 in adjusted revenue on football bets. Revenue losses were also reported in basketball and parlay bets. Online operators reported a $1.3 million loss in adjusted revenue on basketball bets and $1.6 million on parlay bets. At the moment, mobile sports betting is available in 55 out of the total 64 parishes that gave sports betting the green light in Louisiana.

Launching mobile sports betting was a major step in Louisiana as experts are convinced that this industry can generate a lot of money in tax revenue. Early projections state that the annual tax stream could reach $30 and has the potential to increase once the market is fully operational.

LGCB’s chairman, Ronnie John, stated that the board will be able to see the bigger picture and determine a more precise tax revenue one or two months after the launch of mobile sports betting. When asked about the success of mobile betting, he stated that the results were no accident.

Currently, Louisiana laws state that retail sportsbooks are obliged to pay 10% tax on their revenue, while mobile operators pay 15% tax on revenue.