The Louisiana Gaming Control Board reported a 13.5% hold on gross sports betting revenue for May as operators collected $34.7 million in winnings, continuing a year-long pounding of bettors.
It was the sixth consecutive month sportsbooks across the Pelican State had a 10% or higher win rate, with the hold on gross revenue a whopping 13% — nearly double the 7% industry standard — through the first five months of 2024. The all-time win rate in Louisiana is 11.6% against close to $6.8 billion in all-time handle.
Wagering via the state’s 18 retail sportsbooks and nine sports betting apps totaled $256.7 million, up 32.6% from last May. Revenue lagged slightly behind with a 17.2% increase as the May 2023 hold was 15.3%. Handle was down 9.3% compared to April’s $283.1 million, and revenue dipped 14% with May’s hold almost 1.3 percentage points lower.
Promotional credits and bonuses totaled $1.2 million, leaving the state eligible to levy taxes on $33.5 million in adjusted gross revenue. That resulted in an inflow of $5.8 million into the state coffers as Louisiana became the 13th state to surpass $100 million in state tax revenue generated from sports betting. The $25.5 million in receipts is nearly $9.6 million more than the first five months of 2023.
Parlays Remain Big Winners For Operators
| Month | GGR Win Rate | 2024 YTD Rank Nationally out of 146 reports | All-time Rank in Louisiana out of 31 months | Handle | Gross Revenue |
|---|---|---|---|---|---|
| January | 15.22% | 5th | 6th | $346,320,907 | $52,696,465 |
| April | 14.26% | 10th | 10th | $283,059,884 | $40,367,859 |
| MAY | 13.52% | 13th | 13th | $256,659,997 | $34,711,724 |
| February | 11.34% | 36th | 22nd | $274,775,955 | $31,152,229 |
| March | 10.77% | 48th | 24th | $350,006,557 | $37,700,995 |