Sports betting in Louisiana surpasses prior record with a November handle of $356 million
The Louisiana gaming market experienced a significant boost in November 2023, with the state reporting a record monthly sports wagering handle of $356.5 million. This surge was largely attributed to the promotional spending by ESPN BET and bet365, two major players in the sports betting industry.
Both ESPN BET and bet365 entered the Louisiana market in November, with ESPN BET going live on the 14th and bet365 following on the 21st. Their active promotions played a key role in attracting new bettors and increasing market competition, leading to a 15.4% month-over-month increase in sports wagers.
ESPN BET's launch across 17 states, including Louisiana, brought new options and marketing efforts that stimulated betting activity starting mid-November. Meanwhile, bet365's entry as a major global brand added competitive pressure on existing operators, contributing to the betting handle surge in the final days of the month.
The combined promotional campaigns likely increased customer acquisition and bet volume, driving the record handle during November 2023. This surge set a foundation that led to further growth, with December 2023's handle rising another 5.7% to $377 million, indicating sustained momentum from these new market entrants.
Parlay winnings accounted for the biggest share of operator revenue in November, totaling close to $13.7 million. The total handle in Louisiana since launch is about $102 million shy of $5 billion. The $310.2 million in gross revenue heading into the final month of 2023 is up 75.8% compared to last year.
The house had a collective hold of 8.2%, resulting in $29.3 million in gross revenue. Football and basketball winnings totaled $9.1 million combined in November. The state collected more than $3.2 million in taxes in November, with the $36.2 million raised this year running $6.7 million ahead of last year's pace.
For the first time, wagering through mobile betting apps topped $300 million in Louisiana. The online sports wagering handle in November was $322.9 million, surpassing October's mark of $308.6 million. The loss in November 2023 is far less than the $60.7 million in losses incurred in November 2022.
Louisiana's retail sportsbooks handled $33.5 million in November, the second-highest total of 2023. The positive swing in revenue this November has sent year-over-year revenue totals surging. The house came out more than $688,000 ahead in soccer in November. The $176 million in 2023 parlay winnings for the house is nearly $25 million more than the full-year 2022 total.
Adjusted gross revenue is 83.9% higher to nearly $278.3 million year-over-year. The year-to-date handle surpassed $2.5 billion with November's numbers, up 23.2% versus the first 11 months of last year. The top 10 sports betting handles by state for November 2023 are:
- New Jersey: $828.7 million
- Nevada: $560.4 million
- Pennsylvania: $448.2 million
- Illinois: $398.4 million
- Indiana: $375.8 million
- Michigan: $363.5 million
- New York: $341.4 million
- Iowa: $330.6 million
- Colorado: $318.5 million
- Louisiana: $356.5 million
This news marks a significant milestone for the Louisiana gaming market, demonstrating the potential for continued growth and competition in the state.
- The surge in November's sports wagering handle in Louisiana was partly attributed to the active promotions by new market entrants, ESPN BET and bet365, who entered the market with promotional spending.
- The combined promotional campaigns by ESPN BET and bet365 led to an increase in customer acquisition and bet volume, contributing to the record handle during November.
- Parlay winnings accounted for the biggest share of operator revenue in November, totaling close to $13.7 million, and the state collected more than $3.2 million in taxes in November.
- The news of Louisiana's significant growth in the sports betting market suggests potential for continued growth and competition in the state, positioning it as one of the top 10 states by handle for November 2023.
