Louisiana continues to see success in the sports betting industry, with a 10.8% hold rate recorded last month. The state reported a total of $37.7 million in gross revenue from sports wagers across 18 mobile and retail sportsbooks in March. Win rates for sportsbooks were up from February, with total taxes paid to the state also increasing to $4.7 million.
The introduction of new online sportsbooks in 2023 has contributed to the growth of the industry in Louisiana, with a 43.1% increase in the number of bets compared to March 2023. Parlays were the most popular sports bets placed in March, generating nearly 75% of the gross revenue.
Despite the rise of online sportsbooks, retail sportsbooks in Louisiana saw a 39.5% decrease in revenue compared to March 2023. However, there was a 17.1% increase in total wagers placed at retail locations compared to the previous month.
In other news, Louisiana has banned college player prop markets in an effort to preserve the integrity of college sports and prevent student athlete harassment. This ban will go into effect on August 1, just before the start of the 2024 college football season. The LSU Tigers, a prominent college football program in Louisiana, may see a shift in the types of wagers being placed as a result of this ban.
Overall, Louisiana’s sports betting industry continues to thrive, with strong revenue numbers and a commitment to upholding the integrity of sports betting in the state.
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