The Louisiana Gaming Control Board has reported an impressive $52.7 million in gross sports betting revenue for January. The figure reflects the aggressive marketing efforts of the Pelican State’s ten mobile sportsbooks, which actively courted and engaged the public. Increased spending also reflected positively on the state’s budget, bolstering community-focused initiatives.
Louisiana Remains an Attractive Market for Operators
Ten sportsbooks represent Louisiana’s sports betting sector, including well-known names like BetMGM, Caesars, FanDuel, DraftKings, PointsBet, Betway, and ESPN Bet. The state’s wagering scene remains dynamic, evidenced by Bet365 and ClutchBet’s recent entries in this jurisdiction as they attempt to disrupt the status quo and secure a sustainable market share.
According to state regulations, digital operators in Louisiana have a promotional spend limit of $5 million per calendar year, encouraging companies to spend strategically to capitalize on high-profile events or bolster retention during slower months. January witnessed a record-high spending spree, with $13.8 million in promotional credits and bonuses, surpassing the previous record set in January 2022.
The Louisiana Gaming Control Board (LGCB), the state’s gambling regulator, closely monitors ongoing trends to ensure operators remain accountable and do not violate marketing rules. This comprehensive data also enables Louisiana authorities to adapt to industry developments, ensuring adequate customer protection and social accountability.
January Set the Stage for a Successful Year
Louisiana’s year-over-year handle saw a remarkable 22.7% surge, reaching $346.3 million, making it the third-largest total in Louisiana State history. Although 8.1% lower than the record set in December 2023, the figures indicate a robust and thriving sports betting market in the state. The online sector retained its dominance, recording a handle of $317.8 million, while retail sportsbooks collected $28.5 million.
January had remarkable revenue holds, with a 15.2% win rate. This result marked the sixth time in 25 months of mobile betting that the win rate exceeded 15%, more than double the industry standard of 7%. The high win rate and the significant promotional spend made the state eligible to tax approximately 74% of the gross revenue, collecting almost $39 million.
The report indicates a robust start to the year for Louisiana’s sports betting operators, showcasing the significant growth and potential of the market. Extra funds will bolster the state’s education programs and help finance gambling harm prevention initiatives. Despite the slight slowdown in January, next month’s results should more than compensate, bolstered by the traditional Super Bowl surge.