Louisiana Sports Betting Taking a Big Hit
Sports betting got off to a big start in the state of Louisiana, but things have slowed down in a big way. The June sports betting report is in, and sportsbooks saw less action, and also posted a very low hold rate.
The total sports betting handle in June in the state of Louisiana was just $132.4 million, which was more than 20% lower than what was wagered in May. There are some factors that contributed to this decline, but other states throughout the U.S. haven’t experienced that big of a decrease in the monthly handle.
Online sports betting made up over $113 million of the total as bettors in the state continue to prefer doing their betting online. Louisiana posted huge numbers to begin the 2022 calendar year, but that momentum has crashed down to a screeching halt.
Casino operators in the state of Louisiana also suffered a slow month, and those owners cited the struggling economy for the lack of action. A big boom is coming once football begins this fall, but this recent trend could set up for some record low numbers in the month of July.
Revenue Takes a Massive Hit
While the drop in total sports betting handle was to be expected to a small degree, sportsbooks were not ready for a huge drop in total sports betting revenue. Louisiana bettors wagered mostly on basketball and baseball, and those bettors were incredibly successful in the previous month.
The retail sportsbooks in the state took the biggest hit as they won less than one percent of the total wagers that were made. The national average for hold rate is right around even percent in most months, but the retail sportsbooks in Louisiana were hit hard by basketball bettors.
The mobile sports betting hold rate was over 9%, but that barely made up for the huge losses on the retail side. Mobile sports betting did post a total revenue of $10.5 million, and the state of Louisiana was able to collect $1.4 million.
Texas Bettors Helping the Cause
The sports betting numbers in Louisiana for June could have actually been lower if it weren’t for bettors entering the state from Texas. Texas continues to struggle to legalize sports betting or casino gambling, and that has allowed Louisiana sportsbooks and casinos to cash in.
According to numbers from GeoComply, nearly 750,000 check-ins at online sportsbooks in the western part of the state came from bettors with an address in Texas. Shreveport-Bossier City is close to the Texas border and there were nearly 500,000 different check-ins from Texas residents in June.
This could prove to be a huge boost during football season as residents of Texas will be looking to bet on the Dallas Cowboys this Fall.
