The Louisiana Gaming Control Board has reported a 15.9% decline in month-over-month sports betting handle from $160.1 million in June 2023 to $134.7 million in July.
Volatile holds yields interesting results
Louisiana sportsbook operators won’t be too disappointed, however. Where month-over-month handle declined 15.9%, net proceeds actually rose 40% from $12.5 million in June, to $17.6 million in July. A strong 13.1% hold in July 2023 compared to just 7.8% in June is behind the revenue uptick.
Interestingly, per LGCB data, year-over-year handle rose 13.7% from 2022 to 2023. July 2022 reported $118.5 million in total sports wagers. Despite the higher handle, net proceeds were 15.4% down from 2023 to 2022 with the prior year recording $20.8 million revenue at a remarkable 17.6% hold as bettors had a truly miserable month.
Louisiana’s retail sports betting scene still remains strong compared to many where digital channel shift happened significantly quicker. 9% of wagers were taken at retail locations, down from 12.8% prior year.
LO mobile sports betting took the remainder of handle, with $122.5 million in July 2023 and $15.7 million in net proceeds. 61% of revenue generated by mobile operators for July came from parlay wins, with baseball a distant second with 17.2%. Basketball, American football and soccer contributed a combined 10.2% which is unsurprising given the lack of fixtures (at least in basketball and American football).
Sports betting businesses will expect July to be the nadir of handle, with the NFL season edging ever closer. Thursday 7 September, 2023 will see the opening fixture of the season, and there’s bound to be a significant wagering uptick nationwide.
Louisiana’s sports betting claim to fame is recording the largest loss in US sports betting history, when “Mattress Mack” single handedly caused a statewide $26 million loss in November 2022 when he won $75 million on the MLB World Series.