Louisiana’s mobile sportsbooks have suffered heavy revenue losses in November following multiple World Series bet wins by Jim “Mattress Mack” McIngvale.
Reporting November’s financials, the Louisiana Gaming Control Board declared a handle of $233.7m from the Bayou State’s eight sports betting operators, up on the previous month’s $219m.
However, due to significant winnings from World Series bets in baseball, including Jim ‘Mattress Mack’ McIngvale’s wagers with several sportsbooks, the state reported a revenue loss for the month of $27.6m.
The losses in November sports wagering were a result of a negative win percentage of 11.8%. With a 15% tax rate on online sports betting revenue, sportsbooks still paid just over $4m to Louisiana in taxes. Louisiana does not report revenue per sportsbook.
According to SportsHandle, Mack’s winning bets in Louisiana came with Caesars Sportsbook ($30m), WynnBET ($12m), and Barstool Sportsbook ($10m) when the Houston Astros defeated the Philadelphia Phillies to win the 2022 World Series.
Unsurprisingly, baseball was the sport that brought about the biggest revenue losses for the Bayou State’s sportsbooks in November, standing at a negative $59.3m.
Every other sport was able to produce positive revenues: basketball – $6.1m; football – $2.7m; and soccer – $944,144. Parlay bets generated incomes of $20.9m, while other bets accounted for $914,038.
Retail sportsbooks in Louisiana were able to post positive revenue in November. From a $34.9m handle, sports betting operators earned revenues of $1.9m with a win percentage of 5.7%. With a 10% tax rate on retail sports betting revenue, sportsbooks paid $224,901 in taxes to the state.
Baseball once again brought in a loss for retail sportsbooks with a negative $1.4m in revenue. All other sports were able to produce positive revenues: basketball – $668,788; football – $748,405; and soccer – $92,587. Parlay bets accounted for $1.9m of the total revenue, while other bets generated $34,866.