As Indiana closes its first year of sports betting, the gaming numbers have been released and there was good news all the way around.
The industry was able to take in $1.2 billion dollars in total wagers, which means that Indiana sports betting generated an estimated $9 million dollars in tax revenue over the first year. It was also a sign that residents really embraced the expanded gaming within the state.
Breaking Down the Data
Breaking down the data even further, the IGC reported that $169 million dollars in wagers were placed during the month of August. These wagers were spread out across hockey, basketball, and baseball just to name a few.
August’s numbers represent the third largest total for Indiana’s first year of sports betting. It’s also sparked optimism for the rest of the year and the potential for 2021.
Currently, the highest one-month total was February where $187 million was wagered. This was the last full month of sports before shutdowns started to occur. At that point, the state had been on track to exceed all expectations.
Not Quite the First Year As Originally Expected
While it’s good news to see that the industry has brought in a solid handle, it does come in slightly below what experts had initially projected. Yet, these lower numbers can be attributed to the pandemic and not because of a lack of interest.
All states ordered shutdown of casinos during the beginning of the pandemic, while professional sports went on hiatus as well. There’s no doubt that this period of no major sports and very little gambling significantly cut into the bottom line.
It’s certainly not the norm to have a first year like this and the hope is that things continue to get better from here on out as sports continue to return to pre-pandemic levels of action. The NFL should be a major catalyst for promising numbers in the fall.
Is a Rebound Occurring?
The gaming data over the last few months points to a rebound occurring in the state. It’s a sign that sports betting has turned a page from the shutdowns to a more fertile industry moving forward.
However, just because it looks like a rebound is occurring, experts warn that it can take time and be rather slow. It’s not usually an overnight correction. What will prove to be a big contributing factor is college basketball and college football.
Both college basketball and Big Ten football are massive draws for fans and bettors within the state.
With that said, there are concerns moving forward over how legalized sports betting in Illinois and Michigan will impact Indiana’s industry. The “Hoosier state” enjoyed revenue from residents in those states crossing borders to place legal wagers.
As a longtime freelance writer, avid sports fan, former athlete, and experienced sports bettor, Rick Rockwell has risen up the ranks at GamblingSites.org to become the self-professed "King of the Blog" in his first year with the site. ...
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