The Louisiana Gaming Control Board reported Wednesday that the state’s 18 retail sportsbooks and nine mobile operators combined to attain an 11.3% hold on gross sports betting revenue in February despite a seven-figure loss on football bets.

Operators reported $31.2 million in gross revenue against $274.8 million handle as the collective win rate topped 11% — four full percentage points above the 7% industry standard — for the 20th time in 28 months of wagering. It was the seventh time in the last eight months the hold was 11% or higher.

The state was eligible to tax $25 million in adjusted gross revenue, which resulted in $3.8 million worth of receipts. Promotional bonuses and credits totaled $6.2 million in February, 53.4% higher than the same month in 2023 but less than half the record $13.8 million outlay in January.

Handle was up 39% compared to 12 months prior, while gross revenue increased 33.7%. The 30.1% rise in adjusted revenue contributed to a $1.2 million increase in taxes versus February 2023.

1 New York $1.78B
2 New Jersey $1.08B
3 Penn. $661.7M
4 Mass. $542.5M
5 Maryland $442.6M
6 Michigan $415.8M
7 Indiana $408.7M
8 Tenn. $378.2M
9 LOUISIANA $274.8M
10 Iowa $220.6M#SportsBettingX #GamblingX

— Chris Altruda (@AlTruda73) March 20, 2024

The LGCB does not disclose handle figures with the sport-specific revenue numbers, making it impossible to determine how well operators did in terms of win rates. But the revenue figures do show the betting public enjoyed success likely posted a win when it came to Super Bowl LVIII betting as they came out $2.7 million ahead on football bets.

That absorbed approximately 60% of the $4.5 million in revenue sportsbooks claimed in January. February’s win for the betting public was more than double the $1.3 million claimed in 2023. Retail sportsbooks paid out $1 million more than accepted wagers while those who bet wagered via sports betting apps won $1.7 million above handle.

That was the only sport where the house lost money, though retail books posted a $12,900 loss on soccer bets. Parlays (including same-game parlays) continued to be an equalizer for sportsbooks, with the $21 million in February winnings accounting for more than two-thirds of gross revenue. It was the fifth time in six months operators claimed at least $20 million in parlay winnings.

Sportsbooks also surpassed $5 million in basketball revenue for the first time since March, surpassing the benchmark by $48,700. The catch-all “other” category, which includes golf, tennis, hockey, auto racing, boxing, and mixed martial arts, accounted for $2.2 million in operator winnings.

Retail sportsbooks posted a 3.6% hold on $21.7 million handle, winning just $780,000. It marked the first time the Pelican State’s brick-and-mortar venues failed to combine for $1 million in gross revenue since June 2022 when it won only $149,200 from $18.7 million worth of wagers. Despite the off month, Louisiana’s retail sportsbooks still have an 8% hold for the first two months of the year with $4 million in AGR from $50.2 million handle.

The hold on mobile betting was a fraction under 12%, with online operators claiming $30.4 million in gross winning from $253.1 million handle. That actually lowered the year-to-date win rate under 14% as operators have won $79.8 million in January and February.

The LGCB does not disclose handle and revenue figures for either mobile operators or retail venues.