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.

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Earlier this month, Lottomatica, an Italian gaming giant, announced its plans to acquire 100% of SKS365’s share capital. The deal, which values the latter business at €639 million ($702 million) was signed recently and, if cleared by all relevant regulators, is set to close in the first half of 2024.

As a result of this major move, Lottomatia announced its plans to issue €500 million (approximately $549.1 million) in debt notes to fund the agreement. A first row of floating rate senior secured notes will be issued, followed by a second tranche of fixed rate senior secured notes. The latter notes will have a fixed rate of 7.125%. The move is also part of a €565 million 7.125% Senior Secured Notes due 2028 bond.

The division between the two bonds is yet to be announced and will likely be communicated once Lottomatica closes the deal or around the date of the completion.

In addition to that, Lottomatica has secured revolving credit cash borrowing of €50 million (roughly $55 million), under an existing revolving credit agreement.

The money Lottomatica secures through the notes and borrowings will allow it to fully fund the SKS365 purchase deal and cover all applicable fees and costs.

Lottomatica Is Looking Forward to Closing the Deal

Lottomatica will acquire SKS365 through its wholly-owned subsidiary CBO Spa. The successful deal comes in the wake of a failed takeover attempt by Playtech, which gave up on acquiring SKS365 recently. At the time, Flutter Entertainment was also rumored to be eyeing a takeover of SKS365’s business.

Guglielmo Angelozzi, Lottomatica’s chief executive officer, believes that the acquisition of SKS365 will provide CBO and Lottomatica with a major boost in Italy. As a company with over 1,000 shops and a significant online presence, SKS365 is an undeniably popular brand among local customers.

Angelozzi praised SKS365 as a top performer and lauded the efforts of its management team, which turned it into a local powerhouse.

Alexander Martin, SKS365’s CEO, also commented on the matter earlier, saying that his team is glad to join the Lottomatica family and believes that it could not have found a better acquisition partner.

For reference, SKS365 operates brands such as PlanetWin365 and PlanetPay365 in addition to running retail operations. Furthermore, the company has been decorated as one of Italy’s top employers for 2023.

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The leading hospitality and gaming company, operating properties across Las Vegas, Boyd Gaming, has announced it completed the overhaul of the Fremont Hotel and Casino. The revamp of the downtown Las Vegas casino started last year. Only recently, Boyd confirmed that the renovation, which has a price tag of $50 million, was completed.

Thanks to the overhaul, visitors to Fremont Hotel and Casino can now enjoy additional gaming space. The company confirmed that 10,000 square feet were added to the gaming area, allowing 120 more games to be positioned.

What’s more, Boyd Gaming confirmed that the venue now offers a “more open floor plan,” looking more spacious thanks to higher ceilings. Further improvements to Fremont include a refurbished casino bar, along with a hotel lobby. Additionally, the downtown casino offers a new sportsbook and a new food hall.

Although the $50 million refurbishment was recently completed, Boyd confirmed that different amenities were added in a phased approach since 2022. Besides the addition of more gaming space, higher ceilings and a sports bar, the venue updated its carpeting along with other cosmetic improvements. While Fremont feels familiar it now offers more room for entertainment options.

Earlier this year, when Fremont opened its food hall, Boyd Gaming’s executive VP of operations, Steve Thompson, predicted that Fremont would offer a new look once the refurbishment is completed. Finally, he predicted that the venue would offer a modern look and design.

“Once we’re done, the entire Fremont casino will have the look and feel of this expanded casino space that you see – a modern, exciting new design for one of downtown’s most legendary properties.“

Steve Thompson, executive VP of operations at Boyd Gaming

The Revamped Venue Offers Dining and Entertainment Options

Visitors to Fremont can benefit from its food hall which is close to 14,000 square feet and offers six different dining options. Such include Tomo Noodles, Roli Roti, CRAFTkitchen, Dunkin, Huey Magoo’s and Steak ‘n Shake, a recent report released by Play USA suggests.

Fans of sports can engage in wagering via Fremont’s sportsbook which is FanDuel branded. However, despite the brand name, currently Boyd operates the location which means that the odds may be different than the odds offered by FanDuel.

Recently, several jackpots dropped at Fremont Hotel and Casino, making the visit unforgettable for lucky gamblers. On Friday, a visitor identified as Eva secured a $10.096 jackpot from the Wolf Run Eclipse slot machine.

Before that, on Thursday, one lucky visitor hit the jackpot by playing Pai Gow. The Fremont visitor won the game’s poker progressive jackpot, pocketing some $464,148.

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