Louisiana’s Handle in Sports Betting Increases in August

Louisiana’s Handle in Sports Betting Increases in August

  • The state of Louisiana has released its August sports betting results. According to the Louisiana Gaming Control Board, the state’s sports betting handle increased during the period. This marked the end of the drop in sports betting revenue that the Pelican State had experienced over the previous months.
  • Despite the increased activity, income from online sports betting decreased.
  • Analysts anticipate a surge in Louisiana sports betting during the NFL season.

 

Our Recommended US Sports Betting Site in 2021

Our Rating

  • Score a $250 Welcome Sports Bonus
  • The Best Lines, Props And Live Betting
  • Accepts Wide Range Of Payment Methods Including Bitcoin
  • Bet On Traditional Sports + Politics, Esports & Virtual Sports
bovada

Sports Betting

Handle Increased for the First Time in Months

In the five months before August, sports betting revenues in Louisiana continued to gradually decline. Fortunately, the sports betting business posted a handle growth for the first time in a while, breaking the negative skid. 

In August, sports bettors in the state wagered more than $128.1 million. This indicates a monthly gain of 8.4% compared to July’s numbers.

Taking a look at the performance of brick-and-mortar sportsbooks, it is discovered that consumers only wagered roughly $16.2 million at retail locations. This marks an increase of 6.7% compared to July’s $15.2 million. 

In August, the majority of wagers were placed online, and the state’s sportsbooks handled over $112.1 million. This is an increase of 8.5% compared to July when online operators recorded a handle of $103.3 million. The overall data indicate that sports betting activity was revitalized as the NFL season approached.

According to Experts, Revenue Decline Is a Temporary Setback

Things are not so bright, though, since August was the second-worst month for profits since the introduction of sports betting in Louisiana. 

In comparison, online income decreased from $19.2 million in July to $7.3 million in August, a terrible 62% fall. In the meantime, retail sales grew substantially from $1.6 million in July to $2.2 million in August. Since May, when the business generated $2.7 million, this is the second strongest month for retail.

Since July, the overall industry income has decreased by 54.3%. While the retail sector generated greater earnings, these were insufficient to counterbalance the decline in online sales.

Finally, the industry paid sports betting taxes totaling $1.6 million. The majority of this revenue was generated by the state’s online sports betting business.

According to a report from a few days ago, the sports betting sector in Louisiana has processed over $1.4 billion in wagers. 

Despite the downturn in the state’s industry from March to July, these findings are still extremely positive. In addition, analysts predict that Louisiana will record “crazy figures” for sports betting during the current National Football League season.

Avatar

About Lou De Aguila

Lou Aguila is a contributor to Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.