Louisiana Sportsbooks Keep Rolling, Post 11.5% Hold in August

The Louisiana Gaming Control Board reported sportsbooks combining for a statewide hold of 11.5% for August on Friday, the ninth consecutive month with a double-digit win rate.

Operators collected $27.1 million in gross revenue, up 49.3% from last year. That lagged slightly behind the 52.3% increase in handle to $234.5 million as wagering for the calendar year surpassed $2 billion. Wagering rose 27.1% from July, with revenue up only 8.1% as August's hold was two percentage points lower.

It was the seventh time this year the hold topped 11%, but August's win rate was still more than one full percentage point behind the 12.7% win rate for 2024.

The state was eligible to tax $25.4 million in adjusted gross revenue, redirecting $3.7 million of that amount into its coffers. Operators claimed more than $1.6 million in promotional deductions, up 45.7% from 12 months prior. The $32.7 million outlay among all sportsbooks this year is more than the $32.6 million in bonuses and credits for all of 2023.

Parlays Continue to Drive Operator Success

The LGCB only provides revenue figures for sport category, and once again, operators claimed more than half their winnings in August from parlays. The $14.4 million in revenue from the multi-leg wagers was up 53.9% from last year and marked the 12th straight month revenue was at least $13 million. Overall, the $172.8 million in winnings from parlays accounts for 62.6% of all gross revenue this year.

The bounce in parlay revenue offset a slight year-over-year decline in football, with sportsbooks claiming $3.3 million in revenue. The catch-all "other" category, which includes golf, tennis and MMA, provided the second-largest chunk of revenue with more than $4.5 million.

Baseball revenue topped $2 million for the fifth consecutive month as the all-time operator deficit created by Jim "Mattress Mack" McIngvale in November 2022 by the Houston Astros winning the World Series was reduced to $12.3 million.

Retail sportsbooks absorbed a loss of $371,000 in basketball as the house came out only $208,600 ahead overall. That was down 75% from last year, but operators have still claimed $30.5 million in winnings from the sport.

Year-over-Year Numbers Show Huge Gains

Crossing $2 billion in handle by August, coupled with the New Orleans Saints off to an unexpected blistering start means a $3 billion full-year handle for the first time is most certainly in the offering. Year-to-date wagering is up 35.4% compared to the first eight months of 2023, including 40.6% over the last three months when the sports schedule is lighter.

Sportsbooks have more than kept pace with their winnings. Gross revenue is up 41.9% to $276 million, though they may be hard-pressed to maintain that rate as three of Louisiana's top four monthly revenue totals came in the last four months of last year.

Year-to-date adjusted revenue, meanwhile, is up 39.4% to $243.3 million. That has contributed to tax receipts running $14.2 million ahead of last year's pace.