Sports betting in Louisiana reaches an all-time high in November with a record handle of $356 million.
In a historic month for the state of Louisiana, the sports wagering handle reached an all-time high of $356.5 million in November, marking a 15.4% rise month-over-month, according to the Louisiana Gaming Control Board. This surge can be attributed, in part, to the entry of two major sportsbooks — ESPN BET and bet365 — into the Louisiana market.
Both sportsbooks launched in November, with ESPN BET debuting on the 14th and bet365 following on the 21st. To entice new users, they offered generous welcome bonuses and attractive promotions. ESPN BET's "$1,000 Bet Reset" and $100 in bonus bets for new bettors, along with bet365's Bet $5, Get $150 bonus and First Bet Safety Net up to $1,000, proved to be effective in attracting a large number of new users.
These promotional efforts contributed to a steady increase in Louisiana's sports betting handle. Not only did November see a significant rise compared to October, but December's handle also set a new record at $377 million, a 5.7% increase from November.
The online sports wagering handle in November was $322.9 million, surpassing October's mark of $308.6 million. The collective hold of sportsbooks was 8.2% in November, the lowest of the year, indicating a higher wagering volume.
The state collected more than $3.2 million in taxes in November, and the $36.2 million raised this year is running $6.7 million ahead of last year's pace. For the first time, wagering through mobile betting apps topped $300 million in November.
Football and basketball winnings totaled $9.1 million combined in November. Surprisingly, the house came out more than $1.6 million ahead in November, marking their biggest loss of the calendar year. However, parlay winnings accounted for the biggest share of operator revenue in November, totaling close to $13.7 million.
The "other" category, which includes golf, tennis, boxing, MMA, and motorsports, accounted for $1.4 million in November. Compared to the $60.7 million in losses incurred in November 2022, the losses in November 2023 were significantly less. The year-to-date sports wagering handle in Louisiana surpassed $2.5 billion with November's numbers, an increase of 23.2% compared to the first 11 months of last year.
The gross revenue generated was $29.3 million in November, a dramatic turnaround of $54.6 million from the previous November. The launch of ESPN BET and bet365 likely accounted for a significant portion of the promotional spend in November, which was the most since February 2022 at $9.9 million.
In conclusion, the entry of ESPN BET and bet365 into the Louisiana market has had a significant impact on the state's sports wagering handle. Their generous bonuses and promotions have boosted user acquisition and betting volume, contributing to Louisiana's historic growth in monthly sports wagering handle following their launches in late 2023.
- ESPN BET and bet365, two major sportsbooks, entered the Louisiana market in November, offering welcome bonuses and promotions to attract new users.
- The surge in Louisiana's sports betting handle in November, reaching an all-time high of $356.5 million, can partly be attributed to these new entrants in the market.
- Parlay winnings, totaling nearly $13.7 million, accounted for the biggest share of operator revenue in November, indicating a strong interest in parlay betting among Louisiana's sports bettors.
- Finance and business analysts attribute the jump in the sports betting handle, taxes collected, and promotional spend to the entry of ESPN BET and bet365, reflecting a positive influence on the state's sports betting industry and general-news.
- The technological advancements in sports betting, such as mobile betting apps, have also played a role in the increasinghandle, as wagering through these apps topped $300 million in November first time.
- The increased betting volume, higher wagering handle, and record-breaking taxes collected are indications that the sports-betting sector, as well as the entertainment industry in Louisiana, is experiencing growth and development due to the entry of ESPN BET and bet365.
