The sports betting revenue for June as the collective hold reached double digits for a seventh consecutive month.
Operators spanning the Pelican State combined for a 12.8% hold against $212.1 million in handle, the third straight month it was above 12.5%. Gross winnings nearly doubled from the $13.6 million claimed in June 2023 while handle was 32.5% higher. Revenue was down 21.6% from May while wagering was down 17.4%.
The state was eligible to levy taxes on $26.2 million in adjusted gross revenue, resulting in nearly $3.9 million in tax receipts. Promotional deductions and bonuses totaled less than $1 million for the first time since last December and was down 11.1% from 12 months ago. The $29.4 million in tax revenue for the first six months of the year is $11.3 million ahead of last year’s pace.
A More Balanced Revenue Haul 6r3l2z
Running June Top 10 #SportsBetting handle by state:
1 New York $1.48B
2 New Jersey $748.4M
3 Mass. $509.4M
4 Penn. $464.5M
5 N.C. $398.3M
6 Maryland $384.7M
7 Tenn. $342.2M
8 Indiana $298.2M
9 Michigan $285.2M
10 LOUISIANA $212.1M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 19, 2024
Though summer means a lighter sports betting handle in general, Louisiana has historically shown to be a state where operators make a notable percentage of their revenue from same-game parlays. That again proved true in June as sportsbook winnings from the multi-leg wagers totaled $16.2 million, but that was the first time since last November that it was below $20 million.
The $142.9 million in total parlay winnings in the first half of 2024 represents 63.8% of the total revenue thus far. The catch-all “other” category, which includes tennis, hockey, boxing, MMA, and auto racing in Louisiana, ranked second with $3.9 million.
The state’s nine mobile sports betting operators combined for a 13.2% win rate from $195.8 million in handle, while their 18 retail counterparts had an 8.8% hold from $16.2 million worth of bets.
There were also big year-over-year jumps in operator winnings for baseball and basketball. Revenue swung close to $3.9 million in a positive direction for the house as the $2.5 million was close to a 2024 high. The $3 million-plus claimed on basketball wagers was nearly a six-fold increase from last June, and the $27.6 million won this year from hoops wagering is $4.2 million more than the first half of 2023.
Year-Over-Year Numbers Trending Upward 1v2lv
Considering the high monthly holds Louisiana sportsbooks consistently achieve, having revenue growth outpace handle growth should be a challenge. Yet gross winnings the first half of 2024 were up 41.7% to $223.9 million because the near-13% hold — six full percentage points higher than the 7% industry standard — is almost eight-tenths of a percentage point higher than last year.
Handle is up by one-third to $1.7 billion, and July’s report will push the all-time total over $7 billion.
