The Louisiana Gaming Control Board has released its report on Statewide Mobile Sportsbook Net Proceeds for Fiscal Year 2023 / 2024 plus some historical data on past years. As the figures suggest, Louisiana punters had an average win rate of 11.4% from wagers placed in FY 2023 through March 2024. The combined net proceeds of sportsbooks for this period amounted to $267,015,692, whereas the taxes paid were $37,646,435.
While the lowest bettors’ win rate of 5.6% was reached in November 2023, the highest one of 14.9% was recorded during the next month. As for the March 2024 figures concerning bettors’ success, the statistics point to 9.9%.
As for mobile sportsbooks authorized to operate within the Pelican State, such as ESPN Bet, BetRivers, BetMGM, DraftKings, and FanDuel, the March 2024 net proceeds reached $31,668,933, with $4,743,389 paid in taxes. The latest addition to a total of nine authorized sportsbook operators in Louisiana is ClutchBet, with an opening date of January 29, 2024.
Much like bettors’ highest win rate for December 2023, sportsbook operators saw the highest net proceeds during the same month, reaching $51,282,332. In November 2023, the net proceeds were at one of their lowest points for the entire period under consideration, standing at $18,107,946.
Football gained the largest portion of punters’ attention, with sportsbook profits amounting to $29,750,812 for FY 2023 – March 2024. Basketball came in second, with $26,298,305, while baseball ranked third, with $13,554,737. Bookies’ profits from soccer stood at $3,938,498 for the same period.
All these figures, however, pale into insignificance when compared to profits of $187,406,467 from parleys, or wagers placed on multiple outcomes.
Mobile Wagers Outweigh In-Person Betting by Nearly 90%
Not surprisingly, and in line with the overall tendency, mobile wagers in Louisiana take precedence over in-person sports betting by nearly 90%. Louisiana is among the 29 states where mobile sports betting is authorized and regulated.
As indicated by the LGCB’s reports, from the start of 2023 through March 2024, the majority of bets, or, more precisely, 2,344,595,181, were placed through mobile apps, as opposed to 237,432,168 wagers placed at land-based sports betting venues.
The data suggests that mobile bets have a higher win rate of 11.4%, as opposed to in-person bets with a win percentage of 10.5%,
Last week, Ronnie S. Johns, Chairman of the LGCB, announced he would be stepping down from his role at the end of June, with plans to prioritize his family life and grandkids. He has played a crucial role in establishing retail sports betting guidelines for Louisiana, particularly a measure that prohibited prop bets on collegiate sports.
As for the Louisiana Gaming Control Board’s agenda, the next meeting of the regulator is scheduled for Monday, May 20, 2024.
