Clearly, the Indiana Online Sportsbook industry currently riding the crest of a wave. Thanks to a full month of NFL and MLB regular season matchups plus the added attraction of the NBA playoffs and the NHL’s Stanley Cup Finals, Indiana found itself in a good position to capitalize on a massive month of sports betting events.
After recording a record betting handle result in August, the Hoosier State broke through the $200 million barrier for the first time in September, with the Indiana Gaming Commission reporting the state’s sportsbooks handled $207.5 million in September.
That is a record amount for Indiana, which first saw sportsbooks legally open across the state in September 2019. Of that record handle, licensed sports betting operators achieved $14.3 million in revenues, leading to almost $1.4 million in Indiana states taxes, a more than useful amount to continue in funding state services and infrastructure.
Football betting leads the way in Indiana
As reported in the official Indiana revenue report for September 2020, sports wagers were evenly split across the three major professional and college sports and those ever-increasing “other”, which includes sports like MMA, soccer and hockey.
Football led the way in Indiana in September, with more than $48.4 million in sports wagers, however, both baseball and basketball pulled in over $30 million each. Indiana bettors also wagered $43.1 million on other sports such as MMA, PGA Golf, NHL and auto racing, including Formula 1 and NASCAR.
Parlay bets continue to develop into the bet type of choice in Indiana with far and away the largest handle at $50.6 million, a great result for the sportsbooks as a significant amount of these bets are of the hold type.
Importantly, 83% of the state’s betting handle came from online sportsbooks in September 2020 alone.
Can Indiana cross the $200 million threshold again in October?
With the Big Ten ready to start college football in October, along with the wagering results from the Lakers-Heat NBA Finals plus the MLB post-season and World Series, there’s no reason to believe that Indiana cannot keep busting sports betting handle records.
Clearly, Indiana has positioned itself well by approving sports betting legislation and we’re certain that other neighboring states are sitting up and taking notice of the betting handle numbers.
Indiana benefits from Illinois’ slowish Sports Betting launch
According to Jessica Welman, an expert analyst for the Indiana state sports betting industry, Indiana is benefitting from neighboring Illinois being slow to self-regulate the industry;
“Indiana has benefitted from Illinois’ relatively slow launch. And its inconsistency with in-person registration requirements. Buying Indiana time to continue to capitalize on the Chicago Market. Indiana’s balanced regulatory framework remains attractive to operators. Which has kept the market on relatively firm footing, too. Those factors were key in kicking off the football season in record fashion.” Welman explained.
The nearby Ohio and Kentucky market also assist Indiana to perform well and rake additional sports betting handle, much in the same way as New Jersey benefits from the proximity to the nearby and sports-betting-less New York State, as fellow industry analyst, David Gouker added;
“The market is still just 13 months old (in Indiana). And many of the advantages that made Indiana an instant success — including strong support of local teams such as the Colts, and easy access to large markets such as Cincinnati and Louisville — will remain for the foreseeable future.” Gouker said.
Even more revenue could be on the way to Indiana too, as legislators will be looking to launch a new push for online casino gaming legalization once the legislative season begins in January (pending the status of the global pandemic of course).