Sports bettors in the Bayou are thrilled to learn that they are only a couple of weeks away from a rollout of mobile sports betting in Louisiana.
November 2021 was the first month that retail sports betting was available in the state with operators having enormous success with an astonishing win rate of 20.6% that resulted in them taking in just under $6 million in revenue. Licenses are currently in the approval process for mobile sports betting with more good news expected to come out of Louisiana in the next few weeks.
Louisiana reported a retail sports betting handle of $27.6 million in November 2021, generating an amount of $5.7 million in revenue on a 20.6% hold rate. Sports betting operators in Louisiana are taxed at a rate of approximately 10% with tax revenue being $568.571 for the first month, 25% of which is allocated to early education funding.
Four retail operators in Louisiana were open for the full month of November while another four were open for just under three weeks.
The state reported that Parlays generated $3.7 million in revenue, almost 65% of the state’s total, with Football ranking second with $1.6 million in revenue while Basketball generated $369,931 and Soccer trailing behind at $21,203.
Louisiana legislators are eager for the state to become the first in the Deep South to legalize mobile sports betting by 15th January 2022.
Gaming Control Board Chairman Ronnie Johns revealed that, of 20 licenses made available to commercial casinos and racetracks he has already taken in 13 applications from retail sportsbooks. These include Penn National Gaming, Caesars and DraftKings that already have retail locations in Louisiana with all expected to hold mobile licenses eventually.