Consistent handles helped Louisiana sports betting revenue in the months leading up to the start of the NFL season. The most recent reports reveals $112,051,469 were wagered at local mobile apps during August 2022.
Sportsbooks tend to see a natural uptick in bets during the NFL season. This cold just be a precursor to a record breaking betting month for the Bayou State.
Louisiana Sports Betting Revenue Boom
August’s numbers represent a 7.7% increase in betting activity month over month compared to July’s $103,342,337 handle. From the total, the Louisiana online sportsbooks collected $7,306,240 in revenue off of a 6.5% hold rate. The state saw $1,562,443 in state taxes.
Retail sportsbooks raked in another $16,200,388 in bets for $2,153,799 in handle from a 13.3% hold rate. Combined, the market saw $128,251,857 in bets and $9,460,039 in revenue. Online sports betting was responsible for more than 87.3% of the total betting market in Louisiana.
Despite the uptick in betting activity for Louisiana sportsbooks month over month, August was the third lowest betting handle of the year. With the NFL season assuredly garnering more attention at sportsbooks, these numbers are likely to continue to grow.
Sports Betting Increase Incoming
At mobile sportsbooks, $2,821,948 of the total revenue came from bets on football in August. This was the most bet on sport during that time. Louisiana sports betting fans have both he New Orleans Saints in the NFL and the LSU Tigers in the NCAAF. Football betting culture is strong in the Bayou.
Online sportsbooks saw $211 million bet in February, the last month for NFL bets, with $9.8 million of the $28.4 million revenue coming from football. This only accounted for the Super Bowl as the regular NFL season and playoffs were complete. With a full NFL season of wagers, Louisiana could see record breaking numbers regularly.
Both sports betting handle and revenue will likely see a bump in overall numbers during the season. The NFL is the most bet on sporting event in the US ever year. Looking at the strong number Louisiana has managed during the offseason, NFL bets will surely push the market to further heights.