Louisiana Gaming Revenue Rises in February, Sports Betting Soars
Louisiana casinos and racinos bounced back in February after a slow start to 2022.
The four gaming sectors in The Bayou State had a 5.7% increase in revenue for February, taking in $268,117,489 in all. That was an increase of nearly $15 million over the $253.7 million recorded in January.
That was only part of the good news in February for the Louisiana gambling industry. Sports betting handle and revenue skyrocketed because the state’s mobile wagering market had its first full month since launching on Jan. 28. Mobile sports betting has dominated every market that it has launched in compared to wagering on events at brick-and-mortar casinos and Louisiana is no exception.
Here are three takeaways from February gaming in Louisiana.
Revenue Up in Two Comparisons
Not only was February a rebound month compared to January at the state’s casinos, in figures reported by the Louisiana Gaming Control Board, but it was a 31% increase over the $204.7 million from a year-over-year comparison.
That rise in year-over-year numbers does not even account for the fact that there was no sports betting in Louisiana in February 2021.
Breakdown of Louisiana Casino and Racino Revenue
All four sectors of the Louisiana casino and racino gaming market were up in February compared to January.
The biggest percentage increase came at the state’s lone land-based casino, Harrah’s New Orleans. The revenue there rose from $17.7 million in January to $20.2 million in February, a 13.9% boost in a month-over-month comparison.
The next best improvement in Louisiana gaming came at the state’s 12,000-plus video gaming devices (VGDs) available at hotels, restaurants, bars, truck stops and race track OTBs statewide. The revenue there was $71.1 million in February, an 8.5% increase over the $65.5 million in January.
The state’s 13 operational riverboat casinos rose about 4%, from $145.9 million to $151.65 million. And the slots at race tracks, or racinos, rose 2.5% last month to $25.2 million, compared to $24.6 million in January.
There are no real money online casino options in Louisiana.
Mobile Sports Betting Solid in First Full Month
The February total sports betting handle in Louisiana was $238,414,311, up 165.7% from January ($89,732,385). That was the obvious result of February being the first full month that folks could register from anywhere and use their mobile devices to place wagers.
Louisiana Sports Betting, February vs. January
Of that handle, $211 million, or 88.5%, came from online wagers. In fact, February’s retail sports betting handle fell to $27,398,511, down 44.4% from January ($49,272,670), but having a mobile market still helped Louisiana smash its benchmark for sports betting handle.
The sports betting revenue was $17.3 million in February, with $16.65 million coming from the mobile market. The state lost $3.666 million in January, largely because of promotional considerations. This often happens in the first month when a state launches a new mobile sports betting market as sportsbooks try to lure in new customers.
February’s sports betting taxes were $2.35 million.