Laudrup's men fell behind as Danny Graham came back to haunt his former club with a ninth-minute strike for Hull, before Swansea levelled in the second half through a controversial strike from Chico Flores.
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"First half we played and played and played but much too slow," the Dane told Sky Sports.
"Second half, we did much better, much quicker, and got the equaliser. We had a chance maybe before the second goal but I think after the first half we did not deserve to win this game.
"We knew it would be very difficult if we played too slow because [Hull] played with 10 [men behind the ball]. It got even more difficult after they scored the goal. If you touch it two or three times every player then it becomes very difficult to open up a defence like this. Overall I think it is a fair result."
Referee Chris Foy refused to award a penalty to Hull for an apparent handball by Dwight Tiendalli, much to the ire of Steve Bruce, but Laudrup felt his side deserved to be let off after several decisions had gone against them previously.
"I don't know [about suggestions of handball for Flores' goal]. It's into his body so its not that he's using his hand to score," Laudrup added.
"There was another situation with a ball inside the box. Like I said after the Newcastle game its a 50/50. We've had a lot against us, now we've had two 50/50 balls in our favour."