Louisiana has officially started online sports betting for a week. But within this week, it has raked in huge volumes of transactions. According to statistics provided by GeoComply, this first week has yielded more transactions than even NY’s online sports betting industry in its first week.
In the weekend between 28th January and 30th January 2022, there were close to 3.4 million online sports betting transactions in Louisiana.
In the first 36 hours of starting online sports gambling operations, close to 3.6% of the total adult population of Louisiana had already placed at least one bet. In comparison, in the first week of online sports betting in NY, only 3.3% of the per capita adult population was placing bets.
In recent months, regulated sports betting has grown massively in the USA. Cryptocurrency betting is also becoming common as the two popular industries- regulated gambling and decentralized currency see a rising user base during the Co-vid era. You can read more here about these new trends.
Louisiana’s massive performance comes in mainly from the south-eastern parts of the state. GeoComply has stated that 70% of the state’s first-week online betting transactions were reported in and around New Orleans and Baton Rouge.
Louisiana has a unique betting landscape with a few geo-fenced areas where online sports betting is not allowed. These geo-fenced areas include nine different provinces of the state and many tribal zones with betting exclusions.
In terms of the whole country, for the weekend between 28 and 30th, Louisiana ranked number eight in the USA. Louisiana’s transaction volume was higher than in states like Colorado, Connecticut, Indiana, and Tennessee, with established betting systems.
GeoComply has, however, stated that their calculations are done by collecting geolocations for transactions. They do not use precise data of individual wagers, but according to them, the geolocation tagging can accurately indicate market activities in a particular area.
GeoComply was established in 2011 as a cybersecurity company. They work to prevent fraud by verifying the identity of users digitally. Almost 400 million devices all over the world use GeoComply. The company tests around 300 billion transactions every year to verify their authenticity.
GeoComply’s fraud detection services are particularly useful for the sports betting and gambling industries. Their ability to track geolocations is very useful in this sector of the economy. Geolocation tracking is also used by live broadcasters, online payment gateways, and cryptocurrency platforms to identify geolocation frauds. Amazon Prime, DraftKings, FanDuel, MGM Resorts, BBC, and many other reputed companies worldwide use GeoComply fraud detection services.