Louisiana, together with other states is still experiencing the summer swoon In sports betting with the absence of NFL and college football.
The football-mad state where the Saints and LSU Tigers usually dominate sports interest is one of the most affected during this season. Low turnover during the offseason is to be expected given that there are no games to bet on; however, this period may provide an opportunity for market players to prepare for the upcoming season.
Louisiana sports betting had a $25.33 revenue in May which shows an increase of more than 350% compared to April. But It dropped again this June to only $10.& million revenue, showing a 57.7% decrease.
Moreover, sports betting handle slowly dropped from a record high of $238 million in February to $132.4 million in June. This brings the total decline for the past five months to around 44%.
Louisiana Casino Revenue Decline Too
The revenue collected from Louisiana casinos and racinos in June amounted to $265 million, which is a decrease of 4.2% from the $276.7 million reported the previous month.
This is the lowest that the state has seen in the past six months for the combined total of a land-based casino, riverboat casino, slot machine, and video terminal revenues. The June 2022 revenue is also lower compared to the same month last year when the reported revenue is $294.95 million.
Despite this decline, it is still an improvement from January, when only $253.7 million was collected. Hopefully, this downward trend will not continue for the rest of the year. The FY ended June 2022 is also better overall compared to the comparable year.
While online sports betting is officially legal in Louisiana since January 2022, legalizing real online casinos is not yet in sight.