Louisiana’s Sports Betting Handle Exceeds $211 Million in February
The Louisiana Gaming Control board released its sports betting handle numbers on Monday. This is the first month of legal mobile sports wagering for Louisiana and the online sportsbook operators combined to bring in a total of $211 million in wagers for February.
Louisiana’s Sports Betting Market is Off to a Good Start
Including the four days in late January, the mobile sports betting handle would be approximately $251.5 million. The Bayou State is the only state that has parishes, and the voters are in charge of whether they want sports betting or any other type of gambling.
The majority of the parishes allow sports betting as 55 of 64 permits the operation. Some of the legal parishes include major gaming hubs that include New Orleans, Baton Rouge, Lake Charles, and Shreveport/Bossier City.
The six sportsbooks that received approved licenses and have been operating since launch day include Barstool, BetMGM, BetRivers, Caesars, DraftKings, and FanDuel.
Bookmarkers were allowed to deduct their losses incurred from January promotions to attract new customers as Louisiana is trying to become a prominent market in the industry. Thanks to a successful launch, the state was able to collect $2.21 million in taxes.
Super Bowl Boosts the Handle Totals
A majority of LSU fans were rooting for Joe Burrow and the Cincinnati Bengals as he led the LSU Tigers to a 2020 National Title against Clemson. Louisiana sportsbooks also benefited from residents from Texas crossing state lines to place wagers. Texas is the second-most populous state in the nation, but sports betting is still illegal in the Lone Star State.
A recent study showed that at least one million residents in Texas place wagers illegally, which adds up to around $5 billion. Houston furniture salesman Jim McIngvale, also known as Mattress Mack.
The notable bettor placed two separate record-setting bets that totaled $9.5 million through Caesars Sportsbook. Placing an ML bet cost McIngvale the $9.5 million he placed that night as the end result would have differed if he bet the spread.
Louisiana will continue to benefit as it is the only Gulf Coast state that offers a legal sports betting market from Texas to Florida. Florida had a sportsbook for a short period, but HardRock Sportsbook was ultimately shut down.
March Madness Should Also Keep the Average Betting Volume High
Louisiana has no shortage of talented professional and collegiate sports teams across the state. The LSU Tigers men’s and women’s basketball teams will compete in the March Madness tournament.
The men will face off against Iowa State at the Fiserv Forum in Milwaukee. The team will have interim head coach, Kevin Nickelberry, leading the charge as the program recently fired Will Wade over NCAA recruiting allegations.
On the other hand, the women will go up against Jackson State in the opening round at home, with first-year coach Kim Mulkey leading the way. Mulkey has won three national championships in 21 seasons at Baylor before returning home.
This year is expected to be a big year for March Madness as the American Gaming Association expects 45 million Americans will place a wager on this event.
