In November, Louisiana saw a huge surge in sports betting as players wagered a record-breaking $356.5 million, surpassing the previous high of $308.6 million set in October 2022. This represented a 15.5% increase from the previous month and a substantial 32.7% rise from November 2021. Of this amount, consumers spent $322.9 million on online betting and $33.5 million at retail sportsbooks.

Despite the significant increase in spending, the state’s revenue figure for November did not reflect the same growth. Revenue from online and retail wagering totaled at $19.4 million, marking an improvement from last year’s loss of $25.6 million. The underwhelming revenue figure for November was partly attributed to US businessman Jim “Mattress Mack” McIngvale winning several large bets on Major League Baseball’s World Series.

In terms of revenue breakdown, online betting generated $18.1 million while retail betting accounted for $1.3 million. It was also noted that $9.8 million worth of promotions were deducted from the online total, with an additional $13,962 subtracted from the retail figure. Football emerged as the sport of choice for online betting, raking in $4.5 million in revenue, while basketball led the way for retail betting with $484,614 in revenue.

Looking at the year-to-date performance, total sports betting spend in the five months leading up to November exceeded $1.23 billion, with $1.11 billion coming from online wagering and $124.5 million from retail. The total revenue generated in the same period was $138.3 million, with $124.1 million attributed to online betting and $14.2 million from retail.

Overall, while Louisiana witnessed a record-breaking surge in sports betting activity, the discrepancy between the high wagering numbers and the lower revenue figures highlighted the impact of certain factors, such as large betting wins, on the financial outcomes of the industry.

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