The nascent sports betting industry in Indiana hit new record highs in November 2020 as total betting handle broke through the $250 million barrier for the first time and staying well clear of neighboring states like Michigan and Illinois. That all may change in January 2021 when Michigan potentially throws open its doors to the beginning of the online sports wagering industry there, but for now the Hoosier State is making hay while the sun shines.
Indiana’s 11 operational sportsbooks saw wagers grow by approximately 9% in November compared to October with online sportsbooks contributing the bulk of the handle ($213.7 million), while the state’s bricks and mortar sports contributing the remaining 37.7 million.
Football still King in Indiana Sports Betting
Buoyed by continued high interest in the NFL’s Indianapolis Colts, as well as huge betting interest in college football at Notre Dame and Indiana football in general, the sport remained the state’s most popular to wager on with bettors spending a total of $113.5 million on football bets, representing 45.2% of all sports wagers placed during the month.
Parlay bets amounted to $66 million in November, while basketball wagers totaled $17.7 million ahead of the upcoming new NBA season and baseball wagers $393,585. The remaining $53.3m wagers were placed across other sports including sports like the EPL, NHL, UFC, NASCAR, PGA Tour Golf and other sports leagues around the world.
While placed wagers grew, the state’s consolidated revenue coffers also received a healthy bump to report record figures. Sports wagering in November produced a record $25.3 million in adjusted gross revenue for the state’s online and land-based sportsbooks, an increase of 20% from the record $21.1 million set in October, and produced a very welcome $2.4 million in state taxes. Year-on-year, Indiana’s sports betting handle grew 70.7% from $147.3 million in November 2019 while the gross revenue number jumped up 172.4% from last November’s $9.3 million.
Online Sportsbooks lead the way in Indiana
It isn’t surprising to see almost 85% of the record handle generated from online and mobile wagering. What is perhaps more surprising is that more states are yet to make a big push to adopt sports betting legislation.
The leading online sportsbook operator in Indiana was once again DraftKings, in a combined license with theScore Bet online sportsbook took the most handle at $103.6 million. FanDuel, licensed with the Blue Chip Casino was second with just shy of $66 million.
BetMGM, PointsBet, and BetRivers took third, fourth, and fifth respectively, however, well short of the numbers generated by the two market leaders in Indiana. BetRivers, the original and first to launch online and mobile wagering about 14 months ago in Indiana, generated less than $11 million in handle and has been surpassed by the larger out of state big players in the market.
William Hill began online betting in Indiana last month. Naturally, the William Hill online handle trailed most of the other operators by several million dollars, but did not manage to outpace Unibet and Caesars, a good result straight out of gates. It will be interesting to see how William Hill perform going forward.
Indiana will pass the more than $2 billion in legal sports wagers before 2020 is done, since officially launching legalized sports betting in September 2019.
Watch for the Hoosier State to adopt online casinos in Q1 of 2021. The great returns from sports betting and the health restrictions of the global pandemic have led to a push for online casinos and that legalization legislation is scheduled to be on the agenda during the first legislative session of the New Year.