Louisiana residents were active with betting in October 2022. Louisiana mobile sportsbooks set a new record of $219,040,606 in single-month bets. This shattered the initial record of $211,015,085 set in February 2022 by 3.8%. This is also a 24.7% increase month over month compared to September’s $175,979,484. Even as the betting handle increased though, Louisiana sports betting revenue declined month over month.
Louisiana Betting Boom
Online sportsbooks in Louisiana were once again the primary form of betting. In contrast, retail sportsbooks only saw $36,487,715 in wagers for October. This was the second-highest retail handle of 2022 trailing the $49,297,345 wagered in January.
The mobile apps reported $25,972,067 in Louisiana sports betting revenue for October. This is a slight 4.1% decrease in hold compared to September’s $27,076,531.
Adding the $4,271,775 garnered from retail sportsbooks, October saw a combined $30,243,842 in revenue. The Pelican State took in $4,305,414 in taxes with $3,894,853 coming from online operators. Louisiana mobile sportsbooks saw an 11.9% hold rate in October, down from 15.4% in September.
Mobile Dominance Expected To Continue
Louisiana sports betting fans have embraced mobile betting as the primary way to play. Since its launch, mobile apps have accounted for over 90% of total wagers in the market. Mobile betting has also increased the revenue intake for the state.
Mobile betting has only grown more popular, with the new record being set in October being proof of that. Even as revenue dips with a smaller hold rate, the Pelican State still collects millions of dollars monthly mainly due to mobile sportsbooks.
The increase in activity sees more opportunities for revenue growth as well. More people betting is always a good thing as it leads to more consistent revenue numbers in Louisiana. Mobile betting dominates in most markets and Louisiana is enjoying the fruits of mobile betting as well.
With the Thanksgiving NFL Games, college football post-season push, World Cup betting, and NBA season in full swing, it would not be surprising to see Louisiana sportsbooks break the record again in November.
The growth could also continue into December with the College Football Bowl Games and NBA Christmas Games. Louisiana is entering one of the busiest sports betting times of the year and has already broken its betting record. Time will tell if this betting activity is sustainable.