Indiana Sportsbooks Impress with $169 Million August as Industry Turns 1, According to PlayIndiana

Indiana Sportsbooks Impress with $169 Million August as Industry Turns 1, According to PlayIndiana

 

Indiana’s sports betting industry capped its tumultuous first year on a high note by posting one of its best months yet. With a full month of major sports, Indiana’s online and retail sportsbook generated $169 million in wagers, seemingly keeping the state’s increasingly tenuous place as the fourth-largest legal market in the U.S., according to PlayIndiana.

“A rebound was inevitable with such an active sports schedule in August, but seeing such an active month is awfully welcome news for Indiana’s sports betting industry,” said Dustin Gouker, lead analyst for PlayIndiana.com. “August’s results are a clear signal that we are turning the page on its darkest days. The state’s status among legal jurisdictions is relatively safe for now. But Indiana also faces some headwinds, including increased competition in Illinois and Michigan.”

Indiana’s August handle was the state’s third-largest monthly total since the industry launched on Sept. 1, 2019, and the largest since sportsbooks generated a record $187.2 million in February, according to official reporting released Friday.

August’s bets produced $9.8 million in adjusted gross revenue, up 47.7% from July, and yielded $934,314 in tax revenue for the state.

Through the industry’s first 12 months, Indiana produced:

  • $1.2 billion in wagers
  • $94.8 million in adjusted gross revenue
  • $9 million in state taxes

Through those 12 months, Indiana trailed only NevadaNew Jersey, and Pennsylvania in total wagers. But Indiana’s next 12 months will bring more challenges.

“This has been an eventful first year for Indiana sportsbooks, and increasing competition from neighboring states and rapidly growing jurisdictions such as Colorado will continue to put pressure on Indiana’s status,” said Jessica Welman, analyst for PlayIndiana.com. “An Illinois expansion of online betting could really affect Indiana. In that case, the state’s sportsbooks will have to be creative in attracting new bettors within the state to help blunt the loss of the Chicago market. And Indiana is still in position to capitalize on large markets in Ohio and Kentucky.”

The positive effect of a busy sports schedule in August was immediate. Basketball generated $55.2 million in bets, the most of any sport in August.

“The positive attributes of Indiana’s market never went away while the sports world ground to a halt,” Gouker said. “Even as competition grows, Hoosier State sportsbooks will remain popular so long as the sports schedule stays active.”

Online betting generated 85.1%, or $143.9 million, of August’s handle. That is down from 91.1% in July as retail sportsbooks continue to work to regain their footing.

DraftKings/Ameristar Casino remained the online market leader with $73.7 million in bets, up from $32.9 million in July. That produced $5.2 million in gross receipts, up from $2.2 million July. FanDuel/Blue Chip Casino followed with $50.1 million in bets, up from $24.2 million.

Retail sportsbooks picked up in August, generating a $25.1 million handle in August. Hollywood Lawrenceburg’s $6.9 million handle easily led the retail market.

“Even though Indiana’s industry is 1, it is still gaining maturity,” Welman said. “Online sportsbooks like BetIndiana and theScore Bet are expected to launch soon, and the growth of major players like PointsBet and BetMGM have been stunted because they launched just before the shutdown. The more sportsbooks that launch in the state, the higher the level of competition will become, and that will be good for bettors.”

For more information, visit PlayIndiana.com/revenue.

About the PlayUSA.com Network:

The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.

 

SOURCE PlayIndiana.com

Copyright © 2015 - 2020 European Gaming Media and Events (part of Hipther Agency). Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania
%d bloggers like this: