(The Center Square) − Louisiana’s gambling sector showed mixed results in October 2024, with strong growth in some areas and declines in others.
Video gaming device revenue rose by 6.4% year-over-year to $63.18 million, driven by bars and restaurants. Year-to-date revenue is up slightly by 0.1%, with bars and restaurants continuing to lead growth. Truck stops showed little change, while racetracks and hotels experienced declines. Franchise fees for the sector totaled $19.15 million in October and $73.64 million year-to-date.Caesars New Orleans saw a 37.6% increase in gross gaming gevenue for October, totaling $22.18 million. Year-to-date revenue showed a slight 1% decline, continuing a long-term trend despite increased admissions. Fee remittances to the state remained stable.Louisiana’s riverboat casinos reported a 1.7% decline in gaming revenue in October, totaling $134.2 million. For the year, they accumulated $549.18 million in revenue, down 1% from last year. Fee remittances to the state remained steady at $118.07 million.Racetrack slots showed a slight increase of 0.2% in revenue in October to $24.2 million, with a more significant year-over-year increase of 8.3%. Despite the growth, year-to-date revenues are down 0.1%, with a 6% decline from 2022.Mobile sports betting continued to dominate, with wagers totaling $368.25 million in October, a 33.3% increase year-over-year. Retail wagering showed modest growth but experienced a significant drop in net proceeds, indicating a shift toward mobile platforms.The daily fantasy sports market continues to decline, with a 9.1% decrease in gross revenues in fiscal 2025 so far. The downturn is attributed to increased competition from mobile sports wagering and changing consumer preferences.
