In a surprising turn of events, the Louisiana sports betting handle fell below $200 million for the first time in June, raising concerns among industry experts and lawmakers about the future of the state’s burgeoning sports betting market.
According to data released by the Louisiana Gaming Control Board, the total sports betting handle for the month of June was just $198.5 million, a significant decrease from the record-high handle of $267.1 million in May. This sharp decline has left many in the industry scratching their heads and wondering what could have caused such a dramatic drop in wagering activity.
One possible explanation for the decline in sports betting handle could be the lack of major sporting events in June. With the NBA and NHL playoffs winding down and the MLB season in full swing, there were fewer high-profile sporting events for bettors to wager on. Additionally, the Euro 2020 soccer tournament, which was a major driver of sports betting activity in May, came to an end in June, further contributing to the decrease in wagering volume.
Another factor that may have played a role in the decrease in sports betting handle is the growing competition from neighboring states. Louisiana recently legalized sports betting in November 2020, but neighboring states like Mississippi and Arkansas have had established sports betting markets for several years. With more options for bettors to place their wagers, some may have chosen to take their business across state lines, leading to a decrease in overall wagering activity in Louisiana.
Despite the disappointing numbers for June, industry experts remain optimistic about the future of sports betting in Louisiana. The state is set to launch online sports betting later this year, which is expected to significantly boost wagering activity and attract new bettors to the market. Additionally, the upcoming NFL season is expected to be a major driver of sports betting activity, with millions of fans expected to place bets on their favorite teams and players.
As lawmakers and industry stakeholders work to address the challenges facing the Louisiana sports betting market, it is clear that there is still plenty of potential for growth and success in the months and years ahead. With the launch of online sports betting and the return of major sporting events, Louisiana is primed to become a major player in the rapidly expanding sports betting industry.
