Sportsbooks in Louisiana Win Big As July Handle Dips
The Bayou State is home to some of the most popular sports betting operators in the U.S., as DraftKings Sportsbook, FanDuel Sportsbook, BetMGM Sportsbook, Barstool Sportsbook, and Caesars Sportsbook all have presence in the are. And Louisiana sportsbooks just had an excellent month of July. Here’s a deeper look at how Louisiana sports betting platforms had their most profitable month of legal sports betting.
Louisiana Sportsbooks Win in July
With a baseball-heavy July over, Louisiana’s various sportsbooks are celebrating some major wins. Sports betting platforms in the area saw $20.7 million in sports betting revenue throughout the month of July. This was an 89.9% jump from the previous month, when June saw just $10.9 million in revenue. The overall hold of 17.5% is a record for the state, being the highest number in the months of legal sports betting.
The number even beats out May 2022’s 15% hold, which itself was a U.S. state record since the overturning of PASPA according to Sports Handle. Sportsbooks have overall had an excellent start in Louisiana, with double-digit holds in over half of the months they’ve been available.
July #SportsBetting numbers for #Louisiana via LSP, a 🧵. Rankings out of 9 months in parentheses.
Handle: $118,329,243 (6)
GGR: $20,729,894 (4)
GGR Win Rate: 17.52% (2)👀
AGR: $20,598,283 (3)
AGR WR: 17.41% (2)
Promo/Ded: $131,611 (7)
Taxes: $2,447,1851/x #GamblingTwitter
— Chris Altruda (@AlTruda73) August 22, 2022
Sports Betting Handle Down in the Bayou
While the sports betting operators had a successful month of July, overall betting numbers continued a downward slope for the state. The July betting handle for Louisiana totaled a fairly low $118.3 million. This is down from June’s $132.4 million handle, representing a 10.6% decrease from month to month.
To be fair, this is to be expected, as June featured both the Stanley Cup Finals and NBA Finals while July is more of a focus for pure MLB regular season bettors. The highest handle the state has seen remains February of 2022, with $238.4 million in total wagers.
In Louisiana, 27.6% of tickets (25.7% of handle) are on Justin Jefferson (+1200) to win Offensive Player of the Year 👀 pic.twitter.com/IspK5tdthm
— BetMGM 🦁 (@BetMGM) August 23, 2022
Big Bets Are On the Horizon
Expect July to mark the end of low betting handles for quite some time. Football season is just about here, and it’s by far the biggest time of year for sports betting. Louisiana sports fans are also likely to back popular local teams like the New Orleans Saints and LSU Tigers.
The Saints are hoping a strong defense and a new head coach in Dennis Allen can bring an NFC South title, while the LSU Tigers are looking to make some noise in the SEC with head coach Brian Kelly taking over the college sports team.
It doesn’t hurt that even more sports betting apps are coming to the state soon. FOX Bet Sportsbook, Golden Nugget Sportsbook, and PointsBet Sportsbook are all planning on rolling out in the area sooner rather than later.
Plus, the state is home to plenty of different retail sports betting options at popular casinos such as Harrah’s Casino New Orleans, Sam’s Town Hotel & Casino, Boomtown Bossier City Casino, and Horseshoe Bossier City Hotel & Casino.