- Sportsbooks in Louisiana generated over $30.1 million in revenue in March on a handle in excess of $232.7 million, the strongest all-around month on record for Louisiana.
- Online sportsbooks had an uncharacteristically high 13.8% hold rate, indicating that luck played at least a part in the record-setting monthly revenue figure.
BATON ROUGE, La. – Louisiana’s sportsbooks had a historically strong March, according to a recent report released by the Louisiana State Police.
Historic March For Louisiana Sportsbooks
The report reveals that Louisiana’s online sportsbooks turned over $205.7 million in sports betting handle in March.
This was good for $28.4 million in revenue on an impressive 13.8% hold rate. This totaled to over $3.18 million in tax contributions.
On the retail side, sportsbooks handled over $26.9 million in wagers, which led to $1.7 million in sports betting revenue on a 6.4% hold rate and $227,621 in taxes paid.
Louisiana’s retail and online sportsbooks handled just over $232.7 million in wagers during March, generating over $30.1 million in revenue. Combined tax contributions between retail and online sportsbooks in Louisiana were $3.4 million.
March’s total handle figure fell just short of Louisiana’s monthly handle record of $238.4 million, set in February.
Despite falling short of February’s total handle, sportsbooks were able to set a new Louisiana record for monthly revenue since legal sports betting launched in November 2021, surpassing the previous mark of $17.2 million – also set in February.
This is a result of the uncharacteristically high hold rate held by online sportsbooks for the month.
Basketball, Parlays Do Heavy Lifting For Revenue Figure
With March Madness betting in full swing, basketball was by far the most lucrative sport for Louisiana’s sportsbooks in March. Sportsbooks generated just shy of $12.8 million in online revenue and $133,540 in retail revenue from basketball bets.
While basketball was by far the most popular individual sport among Louisiana’s sports bettors in March, parlays were also a big hit for sportsbooks.
Online sportsbooks reported $13.5 million in revenue as a result of parlays, while retail sportsbooks claimed over $1.7 million in revenue as a result of parlays.
Soccer was relatively popular during March – at least at online sportsbooks, where betting on the sport led to $467,735 in revenue, the third-largest total behind parlays and basketball. For retail sportsbooks, baseball rounded out the top three, bringing in $41,591 in revenue.
In order to provide you with the best independent sports betting news and content LegalSportsBetting.com may receive a commission from partners when you make a purchase through a link on our site.
Jerad has been a welcomed addition to the LegalSportsBetting.com writing team. Covering topics regarding the expansion of sports betting in the US, Jerad focuses on legislative efforts, bill signings and other methods for sports betting legalization. Finishing his education as a college baseball player, Jerad has first-hand knowledge of competitive sports, paired with years of personal sports betting as well. As a political science major at the University of Central Florida, Jerad covers the political, legal, and legislative aspects of sports gambling without any issues.