From NBA odds to the Stanley Cup Playoffs, there was plenty to wager on in May. Unfortunately for bettors participating in Louisiana sports betting, sportsbooks posted a record-setting win rate from their customers in May.
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Parlays Drive Sportsbook Revenue in Louisiana
Since the Professional and Amateur Sports Protection Act (PAPSA) was repealed in 2018, New Jersey operators sat atop the leaderboard for the highest overall win rate from sports betting wagers in a given month (September 2018). Nearly four years later, Louisiana sports betting took over that spot, accumulating $25.7 million in winnings in May — good for a 15.01% win rate.
Those figures came from the state police, which tracks Louisiana sports betting revenue and losses. It also showed that parlays were a primary force behind the record-setting month, generating $12.4 million in revenue alone.
Moreover, the biggest swing from April to May came via basketball betting. With the 2022 Final Four occurring in New Orleans, Louisiana sports betting operators paid out their fair share of Kansas national title bets when the Jayhawks cut down the nets at the Caesars Superdome.
Moreover, Louisiana sportsbooks achieved another milestone by becoming state No. 17 to surpass a $1 billion handle. That was accomplished in just seven months after operators launched mobile sports betting in late January.
How Must Louisiana Continue Sports Betting Growth?
Despite sportsbooks cleaning up in the revenue department, the overall handle dipped 17.8% ($171.1 million) after already seeing a 10.5% decrease in April ($208.2). May’s handle was the lowest amount wagered since Louisiana launched mobile sports betting in most parishes.
Nevertheless, sports betting continues to reach new heights collectively in 2022. Across the nation, there is increased interest in sports betting and fantasy sports.