The launch of mobile betting led to a massive increase in sports betting handle in the state of Louisiana during the month of February.
Mobile betting launched in Louisiana on January 28, making February the first full month that mobile betting was available in the state. In February the reported sports betting handle in Louisiana was $238.4 million.
How much did Louisiana mobile betting jump?
That was up 165.5 percent from the $89.8 million in handle reported in January. For more comparison, in November and December 2021, Louisiana reported a combined handle of $67.4 million.
The arrival of mobile betting took a bite out of retail betting numbers in February. During January the reported retail betting handle was $49.2 million. In February the retail betting number dropped 44.3 percent to $27.4 million. Those February numbers accounted for only 11.5 per cent of bets placed in the month, as mobile betting accounted for 88.5 per cent.
Reported revenue in February was $17.3 million which came off a 7.2 per cent hold. Even a dollar in revenue would have been higher than what was reported in January. Thanks to promotions that were rolled out in January sportsbooks reported negative revenue during the month.
These promos were all rolled out at the end of January when mobile sportsbooks went live. In those four days mobile sportsbooks doled out $11.9 million in promos. That moved them into the red and dropped their $2.7 million in reported revenue to a $9.2 million loss.
The arrival of mobile betting isn’t the last change that will come to sport betting in Louisiana. At the end of February, the Louisiana Lottery completed its request for information to find a partner for sports betting.
The lottery is allowed to launch one mobile skin and open sports betting kiosks in retailers throughout the state. The launch of the Louisiana Lottery sports betting product isn’t expected until at least May.