Louisiana Posts Massive Sports Betting Handle in September

The Pelican State just had one of its busiest sports betting months yet.

The Louisiana Gaming Control Board (LGCB) is reporting a handle of over $350 million for the month of September. The massive month is primarily the result of the NFL season, which is expected to set a new record for wagers this season. While impressive, it is still below the state’s record of $377 million set in December 2023.

Mobile sports betting saw the majority of wagers, accounting for over $320 in bets. That total is up 28% year over year and led to an impressive 14.8% hold. Retail betting was up slightly from August but down compared to 2023.

The numbers are a promising sign for Louisiana’s sports betting market. The state placed a ban on college player prop bets, which were especially popular in college football. However, it appears the ban has not taken a toll on the state’s revenue. 

September was also the first full month that Fanatics Sportsbooks was live for. The sportsbook launched early in August and has been offering aggressive promos to attract bettors. 

Is it Time to Talk About Parlays?

Parlays generated the most revenue, with over $35 million generated. Parlays have been a significant driver or sports betting revenue in the US. The temptation of big payouts is leading more bettors to build multi-leg bets, which lose at a far higher rate than other wagers. 

While the increase in parlays is good news for operators, it is also creating concern over problem gambling. Many sportsbooks offer aggressive promos for regular and same-game parlays, communicating them to customers directly. Regulators have been looking to crack down on advertising from sports betting operators, and parlays could be where they start.