Louisiana smashes sports betting handle record again in November

Louisiana players wagered $356.5m (£282.1m/€325.8m) on sports during November, a new monthly record for the Pelican State.

The November handle surpassed the existing record high of $308.6m set in October 2022 by 15.5%. It was also 32.7% up from $268.6m in Louisiana in November last year.

Consumers spent $322.9m betting online during November and a further $33.5m at retail sportsbooks.

Revenue falls some way short of Louisiana record

While spending was higher, this was not reflected in the state’s monthly revenue figure. For November, revenue from online and retail wagering amounted to $19.4m.

This was significantly better than last year’s loss of $25.6m in Louisiana. The November 2022 loss was due to US businessman Jim “Mattress Mack” McIngvale winning several large bets on Major League Baseball’s World Series.

November’s revenue total was also 55.2% behind the October 2023 record of $43.3m.

Breaking down revenue performance, online betting generated $18.1m and retail $1.3m. It was also noted that $9.8m worth of promotions was deducted from the online total, as well as $13,962 from the retail figure.

Football was the sport of choice for online betting in Louisiana, generating $4.5m in revenue in November. As for retail, basketball led the way with revenue of $484,614.

Year-to-date handle exceeds $1.00bn

Looking at year-to-date performance, total sports betting spend in the five months to the end of November was $1.23bn. This includes $1.11bn in online wagering and $124.5m from retail.

As for revenue, the total amount generated in the five-month period was $138.3m. Of this, $124.1m came from online betting and $14.2m retail.

Original Article