Louisiana is one of the only legal sports betting states that has continued to prosper with profit earned in 2024. The Bayou State reported a total of $37.7 million in gross revenue after taking in $350 million in sports wagers across 18 mobile and retail sportsbooks in March.
Win rates for Louisiana sportsbooks were also up from February, sitting at 9.9% at nine mobile sportsbooks. The total taxes paid to the state from mobile sports betting netted $4.7 million, a substantial bounce back from $3.6 million in taxes paid during February.
March 2024 Louisiana sports betting revenue
Due to new online sportsbooks entering Louisiana’s marketplace in 2023, including Betway, bet365, and ClutchBet in late January 2024, the total number of bets placed compared to March 2023 increased 43.1%. Per the Louisiana Gaming Control Board’s latest reports, the 10.8% hold rate in March extended this double-digit streak, hitting at least 10% in all three months.
Louisiana sports betting generated 16.7% in gross revenue during March, even with the hold percentage dropping from 12% in February. Since the start of the year, the Bayou State has raked in more than $14 million in taxes, including $4.9 million when accounting for its nine retail sportsbook locations. The total betting handle during the 2023/24 fiscal year increased by 37.7%.
Top Louisiana sports betting markets
| Online Sports Betting Market | March Revenue |
|---|---|
| Parlay | $22.7 million |
| Basketball | $7.2 million |
| Other | $1.2 million |
| Soccer | $496,934 |
| Baseball | $442,012 |
| Football | $157,444 |
Parlays were by far the most lucrative sports bets placed for Louisiana’s online and retail sportsbook operators in March.
Nearly 75% of the gross revenue earned came from parlays, with basketball generating the next biggest share across online and retail sportsbook revenue at a little more than $8 million. Baseball and football were the smallest sports betting market draws this past month.
Retail sportsbooks were down 39.5% compared to March 2023, mainly due to the rise and popularity of online sportsbooks in Louisiana. Despite this red number, it’s still an improvement from February 2024, when the net proceeds dropped 47.6%. Most notably, total wagers placed at Louisiana retail sportsbooks increased by 17.1% compared to March 2023, with a strong bounce back from 1.2% recorded during February 2024.
Latest Louisiana betting news
Aside from Louisiana being one of only two states to sustain a 10% hold rate for all three months in 2024, the other big news affecting sportsbooks in the Bayou State is the growing trend surrounding college player prop markets being banned.
The state has opted to suspend all proposition bets on an individual athlete’s performance or statistics participating in a college sports betting event. This ban goes into effect on Aug. 1, right before the 2024 college football season gets underway.
This announcement was made at the same time as the NCAA attempts to get other legal sports betting states to restrict or fully prohibit college player prop markets to preserve the integrity of the sport and, most importantly, prevent student athlete harassment. The LSU Tigers are a prominent Power 5 college football program in Louisiana, so this ban could result in a marginal increase in wagers being placed on the point spread, total, and moneyline markets instead of on player props, like total receptions and total touchdowns.
