(The Center Square) — Mobile sports wagering in Louisiana set a revenue record for the second consecutive month in October, generating nearly $5 million in monthly taxes heading into year three.
Wagers were up over 26% for mobile sports wagering for October with more than $276 million in wagers, $39 million in net proceeds, and $4.9 million in taxes paid to the state. According to data from the Louisiana Gaming Control Board, the numbers mark a 269% increase in net proceeds over the same month last year.
So far this fiscal year, mobile sports wagers are up 29.6% and net proceeds are up 31.3% compared to the same time in Fiscal Year 2022-23. October’s figures follow a record-setting September, when wagers for the state’s nine mobile operators totaled $248.8 million, generating $4.7 million in taxes.
Matthew Roob, senior vice president of analysis at Spectrum Gaming, told The Center Square the trend is not surprising, as the annual sports seasons generally ramp up betting from October through March with football and college basketball.
“If you look at the numbers, that’s kind of the way it trends every year,” he said. “So it’s not surprising as the market matures and people get more comfortable with sports betting, in year two or year three the sports betting revenue would increase from the prior year.”
Parlay generated the most mobile proceeds in October at nearly $25 million, up from $19.8 million in September, followed by football at $7.3 million, baseball at $3.3 million, and basketball at $2 million.
Retail sports betting at 18 casinos accounted for about 11% of sports wagers last month, with $32.3 million producing $3.2 million in net proceeds and $342,067 in taxes paid. Like mobile wagering, parlay led the way with $2.48 million in proceeds, followed by baseball at $437,224, football at $249,242, and basketball at $96,598.
Compared to the same time last year, total retail sports wagers were down 8.7%, while net proceeds increased were down 0.5%.
Most sports betting going through mobile portals in Louisiana is “totally normal,” Roob said because it’s simply more convenient. It’s a trend seen in other states that offer both, he said.
“Part of it is I don’t have to go to a casino to place a bet,” Roob said. “Part of it is you can bet while the game is going on.”
In total, Louisiana bettors wagered $308.6 million on sports in October, eclipsing the previous monthly record of $283.3 million in January by $26.3 million.
“If I’m not mistaken this may be a new record month for sports wagering,” Ronny Johns, chairman of the Louisiana Gaming Control Board, noted at the November meeting. “Large numbers.”