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Louisiana Sportsbooks Rock 13.5% Hold For May, Collect $34.7 Million In Revenue

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The Louisiana Gaming Control Board reported a 13.5% hold on gross sports betting revenue for May as operators collected $34.7 million in winnings, continuing a year-long pounding of bettors.

It was the sixth consecutive month sportsbooks across the Pelican State had a 10% or higher win rate, with the hold on gross revenue a whopping 13% — nearly double the 7% industry standard — through the first five months of 2024. The all-time win rate in Louisiana is 11.6% against close to $6.8 billion in all-time handle.

Wagering via the state’s 18 retail sportsbooks and nine sports betting apps totaled $256.7 million, up 32.6% from last May. Revenue lagged slightly behind with a 17.2% increase as the May 2023 hold was 15.3%. Handle was down 9.3% compared to April’s $283.1 million, and revenue dipped 14% with May’s hold almost 1.3 percentage points lower.

Promotional credits and bonuses totaled $1.2 million, leaving the state eligible to levy taxes on $33.5 million in adjusted gross revenue. That resulted in an inflow of $5.8 million into the state coffers as Louisiana became the 13th state to surpass $100 million in state tax revenue generated from sports betting. The $25.5 million in receipts is nearly $9.6 million more than the first five months of 2023.

Parlays Remain Big Winners For Operators

The LGCB does not disclose handle and revenue figures for operators, nor does it provide handle for sport-specific categories, but the revenue figures the state agency does provide show the bulk of operator winnings continue to come from parlays and same-game parlays.

Louisiana sportsbooks topped $20 million in parlay winnings for the sixth consecutive month and totaled $22.7 million in May. That accounted for 65.6% of the month’s gross winnings, and the $126.8 million in revenue this year represents 64.5% of the $196.6 million in operator winnings.

The catch-all “other” category, which includes golf, tennis, boxing, mixed martial arts, and motorsports in Louisiana, was an unexpectedly large source of revenue with a record $5.7 million. That was an all-time monthly high, topping the previous best of $4.4 million in September 2022.

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Operators claimed $2.6 million in basketball revenue and another $2.3 million from baseball wagers. Retail operators, though, had a tough go of it when it came to soccer as the public came out $156,900 ahead for May.

Overall, brick-and-mortar sportsbooks fashioned a 12.5% hold in winning $2.2 million against $18.4 million in handle, while their mobile counterparts had a 13.6% win rate in collecting $32.4 million in gross revenue from $238.3 million worth of bets placed.

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