Louisiana Betting Handle Soars in November, Sets New Record

The Louisiana Gaming Control Board (LGCB), the gambling regulator in the state, has announced its latest report, uncovering details regarding the performance of mobile and retail sports betting operators during November. Combined, the total handle reported by licensed retail and mobile betting operators last month hit $356.4 million. This figure confirms November was a busy month for the operators, especially considering that both retail and mobile betting handle marked an increase month-over-month.

Overall, the reported betting handle by mobile sports wagering operators in Louisiana last month hit $322.9 million. This result, compared to the figure posted for the same period last year, marked an increase of 38.2%. Moreover, the $322.9 million in betting handle completely surpassed the $276.2 million mobile betting handle record set a month earlier, in October.

While the mobile betting handle soared last month, net proceeds marked a decrease month-over-month. In total, licensed mobile betting operators posted $18.1 million in net proceeds for November, a significant decrease when compared to the $39.2 million and $36.1 million reported for October and September respectively. The decrease in net proceeds was the result of nearly $10 million spent by betting operators for promotions.

Considering the net proceeds, mobile betting operators paid $3.1 million in taxes last month, again a decrease when compared to the $5 million and $4.7 million paid during October and September this year.

Focusing on the bigger picture, the total betting handle for FY23/24 through November posted by mobile sportsbooks in Louisiana hit $1.1 billion. This result represented an increase of 32% year-over-year, reveals the newly released report of the LGCB.

Betting Handle for Retail Operator Rises, Net Proceeds Dip

While the handle reported by mobile sportsbooks marked an increase, this was not the case for retail operators. Overall, the reported betting handle for the retail sector was $33.5 million. While this result marked a 4% year-over-year decrease, it represented an uptick when compared to the $32.3 million and $31.3 million in retail betting handle posted for October and September respectively.

It’s no surprise that retail betting operators saw a decrease in their net proceeds as well. Overall, retail sportsbooks posted $1.3 million in net proceeds, a decrease of nearly 58% year-over-year. Similarly to mobile betting operators, retail sportsbooks also spent money on promotions that came close to $14,000.

The net proceeds reported by retail betting operators last month marked the lowest result for the last three months. In contrast, retail sportsbooks reported $3.2 million in net proceeds for October while the result from September this year was $5.7 million.