Louisiana began the New Year with not only a strong handle, but its highest since legal sports betting launched in late January 2022.
Louisiana sports betting handle from both retail and mobile sportsbooks increased to $282.2 compared to $254.2 million in December.
Specifically, the Gaming Enforcement Division of the Louisiana State Police reported that online sports betting sites saw an 11% increase in wagers from $218.7 million to $245.2 million.
The retail side saw a modest 4% gain in January from $35.5 million to $37 million, the third-highest handle for brick-and-mortar sportsbooks.
Promos are back in season
After a record $37 million in profit in December, Louisiana’s revenue fell back to earth, netting just $28 million. December’s hold percentage was 14% while January’s came down to 11%, which is still a high number that both the sportsbook and state would want.
Then why was January’s revenue just the sixth best in 12 months?
Sportsbooks deducted $7.7 million in promos to start 2023. In the context that is more than the combined promos from March to December.
January 2022 saw the most money ($11.7 million) in promos as the state opened up mobile betting. And not surprisingly, February 2022 (the first full month of mobile betting) also saw a huge amount of promos before a huge dropoff.
Next month will paint a clearer picture as to whether Louisiana sportsbooks like to increase their promos at the beginning of each year, or if last month was an unexpected spike.
Parlays continue to be the money-makers
As per usual, sportsbooks continue to benefit from bettors making parlays. Online operators made most of their money from parlays ($12.7 million), followed by football ($4.6 million), and basketball ($3 million).
The retail side was a bit different. Football was the No. 1 revenue generator for sportsbooks ($3.2 million). Parlays were second ($1.5 million), with basketball in third ($1.1 million).
