Louisiana Sports Bettors Continue to Strike Out
The Louisiana State Police have released the sports betting report for the month of July, and sportsbooks in the state posted a total revenue of more than $20 million. This was a jump of more than $10 million from the gross revenue of June, but these numbers are still much lower than they were earlier in the year.
While most of the numbers in this report were positive, there was one number that immediately stood out on the list. Sportsbooks in Louisiana won 17.5% of all of the wagers placed in the state, which broke the state record.
The previous state record for hold rate was 15% in May, and Louisiana now has the two highest marks in that category in the U.S. sports betting industry. Louisiana has continued to see a dip in the total sports betting handle since March, but the state still saw over $118 million in wagers for the month.
This report from the Louisiana State Police is very detailed, and it broke down the total handle and win rate for every sport. Retail sportsbooks in Louisiana were hit hard in the sport of basketball as they actually lost more money than they won.
The August sports betting report for Louisiana should show a huge jump in total handle, but it will be interesting to see if sportsbooks continue to win big money from bettors.
U.S. Industry Also Sees Impressive Numbers
Not all of the states throughout the country have announced July sports betting numbers, but there are only a handful remaining. While the total betting handle has continued to decline throughout the country, the hold rate is also going up.
Since legal sports betting first started to launch back in June 2018, the national average for the hold rate is right around seven percent. The recent numbers from Louisiana have pushed the national hold rate to close to 9.8% and there is a chance that it could ultimately reach 10%.
Illinois, Nevada, and Arizona are three states that are big markets and have not yet announced sports betting numbers in July. The state of New Jersey is the only state to post a hold rate of less than nine percent up to this point, and that market has been on a rapid decline.
Louisiana Downs Getting Sportsbook
The Louisiana Gaming Control Board continues to receive license applications for retail sportsbooks, and a new license was just handed out. Louisiana Downs Casino and Racetrack just received a five-year license to establish a retail sportsbook on-site.
While other properties that offer retail sports betting in the state of Louisiana typically receive an online sports betting skin, that isn’t the case with this deal. Louisiana Downs is one of four racetracks in the state, and construction of the sportsbook is set to begin immediately.
There are more than 130 days of racing held at the Louisiana Downs Casino and Racetrack, but the sportsbook will be available year-round when it’s fully built.