Louisiana Gaming Holds Steady in May, Sports Betting Heats Up
Louisiana's gaming industry saw a slight increase in revenue for May 2024, according to a report by the Louisiana Gaming Control Board (LGCB). The total haul reached $203.7 million, marking a modest 0.4% bump year-over-year.
While overall growth was minor, the report highlighted some interesting trends. Here's a breakdown of the key takeaways:
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Brick-and-Mortar Casinos See Mixed Results: Revenue from traditional casinos, including riverboats and racetracks with slots, showed a mixed bag. New Orleans emerged as the bright spot with a significant increase of 7.6% compared to May 2023. Elsewhere, results were mostly flat, with Evangeline Downs posting a negligible gain of 0.4%.
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Sports Betting Continues to Surge: Louisiana's online and retail sports betting market continues to impress. The state generated a combined $34.7 million in sports betting revenue, reflecting a robust 34% year-over-year increase. This strong performance was fueled by a total handle (amount wagered) of $256.7 million across online and retail platforms.
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Parlay Power: The report highlights the dominance of parlay bets, which combine multiple wagers into a single ticket. Parlays were the biggest money-maker for casinos, bringing in a whopping $22.7 million, or roughly 65% of the total sports betting revenue. This trend has been consistent for the past six months, showcasing the preference for potentially high payouts, even with lower winning odds.
Overall, May 2024 presented a picture of stability for Louisiana's gaming industry, with a promising outlook for the growing sports betting sector. While traditional casinos haven't seen significant growth, the continued rise of sports betting offers an exciting avenue for future revenue streams.
For more details, you can reference the LGCB's revenue reports https://lgcb.dps.louisiana.gov/revenue_reports.html.
