Indiana’s sports betting industry marks its first year by taking in $1.2 billion in total wagers, generating an estimated $9 million in taxes.
As the state closes its first year of sports betting, the officials have released these figures. With these gaming numbers, we can say the residents have wholeheartedly embraced the gambling excitement within the state.
Further Break Down
According to the IGC report, around $169 million in wagers were placed during August. These bets were spread out across different sports, including basketball, hockey, and baseball.
Fortunately, August’s figures represent the third-largest total for the state’s first year of sports betting. It also suggests optimism for the rest of the year.
Until now, the highest one-month total was February, during which $187 million was wagered. The month was also the last full month of sports activity before pandemic-led closures started. Before the COVID-19, Indiana had been on track to exceed all expectations.
Not Quite the First Year They Expected
Indeed, it is welcoming news to see that the industry has brought in a decent handle. However, it remains a little below what analysts had initially projected. Still, these low numbers can be ascribed to the pandemic instead of a lack of interest.
In March, all states forced the closures of casinos due to the pandemic, while professional sports activities were suspended as well. Undoubtedly, the period of no major sports and scarce gambling significantly cut into the extremely low.
It is certainly an unprecedented first year, and it is hoped that things will only continue to improve from here as sports continue to return to the levels existed before the coronavirus. In particular, the NFL is believed to be a game-changer for promising numbers by the fall.
Are Things Getting Better?
The gaming data over the last few months suggests that things are recovering in the state. It reflects that Indiana sports betting has turned the phase solely defined by the pandemic and has moved to a more fertile era of gaming activity now.
However, a rebound, though it looks taking place, will take time to take effect. The changes will not be visible overnight. Still, a significant contributing factor would be the college basketball and college football.
Both Big Ten football and college basketball are huge draws for fans and betting enthusiasts within the state.
Having said that, there are issues moving forward on how regulated sports betting in Illinois and Michigan will affect Indiana’s market. The Hoosier State enjoyed revenue from residents in these states who flock here to place legal wagers.