Louisiana Sports Betting Handle Drops Again in July, Hits 11-Month Low

Football season cannot come soon enough in the Pelican State.

With the Saints just starting their preseason schedule, Louisiana bettors didn't seem interested in early Olympic events or baseball in July. But with a new sportsbook opening, a sign of better times is on the horizon.

Louisiana's Gaming Control Board reports that the state's online and retail sportsbooks took in a combined $184.5 million in bets for July, the fourth-straight month of declining action and the lowest handle since last August.

After paying out winners and deducting promos, sportsbooks combined for $25 million, down from June’s $26.2 million. The retail books contributed $1.5 million, which is less than 7% of the market. The state tax bill came in at $3.5 million.

However, July also shows the strength of the Louisiana sports betting market. Year-over-year, the online handle (which is where the vast majority of people place their wagers) was up 40.6% and gross revenue 43.1% higher.

Fanatics now in Louisiana

Louisiana operators announced a hold rate of roughly 13%, which is very strong for the business. On the mobile side, that figure was slightly greater than June’s 12.7% and last July's 12.8%. So far, the state is averaging a 10.4% hold rate since sports wagering launched in Louisiana in Jan. 2022.

Another sign that Louisiana is still a strong market for sportsbooks, despite the summer woes, is that new operators are still coming. Fanatics Sportsbook launched in Louisiana last week, partnering with Boomtown Casino and Hotel.

Parlays bring the profit

Parlays are a sportsbook's best source of revenue and bettors in Louisiana seemingly love to take the risk.

Parlays contributed $15.4 million of revenue in July, accounting for a massive 64% of operator gross. On the retail side, parlays were just under 50% of the revenue, while mobile was even higher.

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