Louisiana is no longer all new to the sports betting scene, having launched in late 2021, but the state sportsbooks continue to absolutely smash month in and month out. March was no exception as Louisiana sportsbooks announced a 10.8% hold last month, which led all states that have reported March results.
Louisiana has nine online sports betting operators, including bet365 (one of 10 states to house bet365). Those operators helped Louisiana reach $350 million in handle, which was the third-best handle for the state since it started taking wagers. Additionally, sportsbooks took in $37.7 million in revenue, which was almost 17% up from last month despite a slightly lower hold percentage.
Louisiana is now up to $14.4 million in taxes from sports betting revenue which is nearly $5 million better than last year’s.
Interestingly, Louisiana’s hold in March, while above average by a wide margin, was actually its worst of the three 2024 months to date. That gives a good idea of how well Louisiana sportsbooks have been doing.
The biggest contributor to Louisiana’s March success was basketball, which led to $8 million in revenue for sportsbooks statewide. That makes sense given the fact that the New Orleans Pelicans and LSU women’s team both performed strongly to close the season, with LSU making the Elite 8 in the NCAA Tournament and the Pelicans making the NBA Play-In Tournament.
Reportedly, Louisiana sportsbooks took a bit of a hit during the Super Bowl, as bettors cashed in on futures to such a degree that books reported losses. The successes in March, however, have helped to offset that.
