Indiana sports betting market has exceeded expectations with a handle of $230.9 million in October, with $21.1 million in revenue.
According to Indiana Gaming Commission that released its report on Tuesday, mobile handle hit $193 million, or 83.6% of total wagering. This is a 7.9% increase from September ($179 million) and a 302% increase from October 2019’s $48 million.
The Hoosier State’s sports betting handle of $230.9 million is up 11.3% from September’s $207.4 million. Revenue also scored exceptionally well, with adjusted gross revenue for sports betting recording an unprecedented $21.1 million, a 47.7% increase from September’s $14.3 million.
Indiana sports betting market recorded decent sports betting handle despite Illinois entering the sports betting arena. NFL and college football schedules partly explain the record-setting month for the Hoosier state in terms of both sports betting handle and revenue.
According to gaming experts, the sector saw unprecedented growth in handle and revenue as professional teams and colleges returned to normal sports schedule, despite the pandemic-led limits imposed on fans in the stands.
While speaking to the media, lead analyst for PlayIndiana.com, Dustin Gouker, said that Indiana’s sportsbooks fared well (in October), offering a clearer read on where the state market stands. “Interest in the Indianapolis Colts, Indiana University, and Notre Dame is helping as the Hoosier State transition from a market that relies on Chicago, to one that is more reliant on local bettors.”
The previous one-month record was $207 million, which was in September this year. According to experts, October’s handle is a 150% increase from what was achieved during the same period in 2019, where Indiana reported $92 million in sports betting handle. Additionally, the state yielded $2 million in taxes in October 2020 from the industry.
According to a gambling analyst Max Bichsel, Indiana could attain this record-breaking handle in November, particularly due to the NBA Finals, World Series, and the return of Big Ten football. He said October was an ideal month for sports betting operators who performed exceptionally well, meaning record-breaking revenue for the state.
Online sports betting accounted for 84%, with the remainder extracted from casinos. Total October casino revenue in the Hoosier State was around $150 million, down 1.9% from September. The good thing for the state is that sports betting taxes continue to increase, providing much-needed money to the state revenues.
Indiana Sports Betting Remains Stable Amid Illinois Market
It was feared that sports betting in the Hoosier State would be affected following the regulated market in Illinois. However, there is no immediate threat, and Indiana’s record-breaking sports betting handle in October clearly reflects that.
We still don’t know Illinois sports betting figures as the state reports results after more than a month, making it the longest wait for gambling data in the country. Even September numbers are awaited from the Land of Lincoln. Still, considering Illinois’s sports betting handle of $140 million in August without NFL betting, data for Indiana sports betting suggests an unaffected growth.
Illinois sports betting was never supposed to pose an immediate threat to the Indiana market. Initially, Illinois had planned to have in-person registration for its first 18 months of operation. However, that has not been the case. Due to the coronavirus-led emergency, Governor JB Pritzker allowed remote registration in the executive orders that he reversed for a month in July before allowing again in August.
This development meant much of the sports betting traffic from Illinois, particularly Chicago, that would cross into Indiana to place legal wagers was able to register for sports betting in their home state since this summer.
Indiana Citizens Like Big Sportsbooks
One thing that is pretty clear from the stats is that Indiana bettors like big brands. DraftKings led the state numbers with $90.5 million in mobile handle, with roughly 47% of the state’s total mobile handle. With $63.6 million, FanDuel secured second place in the state’s share of betting handle. BetMGM improved its position by coming third place, with roughly $20 million in handle.
The three leading operators left Indiana’s seven other online sportsbooks vying for fourth place. BetRivers ($7.8 million) was slightly up against PointsBet ($7.1 million) to claim this position. BetAmerica, Caesars, theScore Bet, and Unibet remained far behind in the race. However, Unibet ($1.8 million) took the most handle for the month.
Yet, Indiana’s latest operator, William Hill, which joined in late October, is hinted to take the top-five position.