The Louisiana Control Board announced that the Pelican State accepted $160 million in legal sports betting wagers, both online and retail, in the month of June.
Like just about every state this month, Louisiana is seeing its handle contract as we move into the summer months. Louisiana specifically saw its action fall by 17.3%.
On the revenue side, Louisiana’s online sports betting sites reported $11.3 million in net proceeds, which was less than half of May’s $25.5 million. The hold percentage fell from 14.4% to 7.8%.
Despite all the negative news, the year-over-year numbers showed a growing betting market for sports betting in Louisiana. Wagers grew 28%, and net proceeds went up by 7.5%.
Problems in Retail
While the online betting sites saw their numbers drop across the board, it was the brick-and-mortar operators who really struggled last month.
Retail bets totaled $14.3 million, the worst month since sports betting became legal in the state in November 2021. And compared to June 2022, physical books saw a 23% drop in wagers. Collectively, retail books still made a profit, netting $1.1 million. But that was the lowest amount earned since June 2022, when the hold percentage was a measly 0.8%.
June’s Sport Breakdown
Parlay bets were the state’s biggest money maker, bringing in $9.8 million for the online books and $834,315 on the retail side.
When it came to single wagers, no sport won more than $1 million for the operators. Basketball came in second despite losing money for the physical sportsbooks. And baseball bettors had the best luck, actually netting $1.4 million.
