Legal sports betting in Louisiana has seen consistent declines this year, and December capped off another potentially concerning month for revenue. Tax numbers came out lower than both November and October’s, with legal wagers amounting to only $254.2 million.
This figure represented 5.4% less than the previous month, and the state was left with only $4.3 million in taxes. While it is possible that legal sports betting will turn around in Louisiana, 2021 is starting on an alarming note with its decreasing revenue numbers.
December Revenue Report
Louisianans placed a total of $254.2 million in bets on sportsbooks in December, a record-breaking amount that proved to be highly lucrative for the state’s top gaming regulator. According to the Louisiana Gaming Control Board, almost $219 million of this sum was wagered electronically on the state’s online sports betting sites, with the remaining $35.5 million wagered through retail locations.
This impressive figure paid off handsomely for Louisiana – not only did it produce a significant jump in both winnings and handle for December 2020 compared to 2019 but also generated nearly $4.36 million in taxes for state coffers and further establishes the emergent industry as a major source of revenue potential within Louisiana.
Louisiana Sportsbooks Still Hauled In $37 Million
Louisiana sportsbook faced a decrease in handle for December, thanks to Mattress Mack’s World Series bet that had a huge impact on the state’s revenue. Despite this, Louisiana online sportsbooks achieved an impressive 14.5% win rate by way of a 14% hold on mobile bets and 18% in retail tickets. This was higher than the 11.8% hold Louisiana online sportsbooks saw in October, resulting in $37 million in profit. Overall, Louisiana’s online sportsbook has been able to remain financially successful despite the disruptive events that have taken place this year.
NFL Provided A Bright Spot In December
NFL fans in New Orleans were disappointed that the New Orleans Saints didn’t qualify for the postseason this year but their great performance over three months was beneficial for businesses around Louisiana. NFL football was the biggest moneymaker, generating $7.2 million in profit from mobile operators and $2.9 million from retail operators.
These numbers accounted for more than November and October combined and almost as much as was made over three months beforehand. NFL sports betting has been extremely lucrative for Louisiana’s retail and mobile sportsbooks this year despite the Saints missing out on the postseason.