Louisiana Sports Betting Brings Record Profits in December
Louisiana's sports betting industry saw a record-breaking month in December 2022, with total revenue reaching $37 million
According to the Louisiana Gaming Control Board, mobile sports betting contributed the majority of this revenue, with a total of $30.5 million generated. Retail sports betting also saw an increase, generating $6.4 million in revenue in December.
Record Revenue Despite Decrease in Total Handle
The growth of sports betting revenue marks the fourth time that Louisiana sportsbooks have surpassed $30 million in a month, eclipsing the previous record of $31.8 million set in September.
In comparison to November, the $30.5 million generated from mobile sports betting in December reversed a loss of $27.6 million, which was mainly caused by a major payout won by avid sports bettor and Gallery Furniture owner Jim “Mattress Mack” McIngvale.
Retail sports betting also saw an increase in revenue, with a total of $6.7 million generated. This is a significant increase from the previous month when revenue was a mere $2 million.
In terms of handle, Louisiana sports betting reached $254.3 million in December, down 5.3% from November’s record $268.6 million. Mobile handle accounted for slightly more than $1.96 billion, making up 85.1% of all wagers placed.
Football Was the Major Contributor to Profits
Despite a declining handle, operators still managed to bring in a profit of $37 million. This was due to a hold of 14% in mobile wagers and 18% in retail tickets, which marked a total win rate of 14.5%.
Football was a major contributor to the revenue generated by retail and mobile sportsbooks in Louisiana, with it being the highest-grossing sport for both channels in December 2022. Mobile operators saw a profit of $7.2 million, while retail operators saw a profit of $2.9 million, as a result of football-related bets.
State coffers received a little over $4.3 million in taxes in December, which was lower than in both November and October. However, that still brought the total for 2022 to almost $33.9 million, exceeding expectations set upon the launch of the market.
November Revenue Single-Handedly Brought Down by Mattress Mack
The big difference between the record revenue in December and the major loss reported in November is attributed to the massive payout of $75 million that Texas furniture mogul Jim “Mattress Mack” McIngvale won after placing multiple high-stake bets on the Houston Astros winning the World Series.
Mattress Mack had placed wagers on the team totaling $10 million with several Louisiana sportsbooks including Caesars, Betfred, and Unibet, with the largest being $3 million with Caesars. McIngvale’s major winnings resulted in a revenue decline of 206% when comparing October and November and a reported revenue loss of $27.6 million in November.
Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.
