Sports betting in Indiana reaches new heights in revenue and handle due to the return of NFL and college sports
NFL and college football seems to be gaining momentum once again, as Indiana's sports gambling industry is seeing a steady increase in wagering. Indiana`s sportsbooks reported a turnover of $230 million last month which was backed by the Indiana Gaming Commission.
Analysts within the gaming field stated that sports betting has reached new highs in revenue and handle due to the fact that popular sport games, in particular colleges and professional teams, are back to their usual schedule despite COVID-19 limiting the number of fans in the stands.
Dustin Gouker, a lead analyst for PlayIndiana.com mentioned that “With a schedule that was more comparable to an ordinary October, Indiana’s sportsbooks fared well and offered a clearer read on where Indiana’s market stands,” he also outlined that “Interest in the Indianapolis Colts, Indiana University, and Notre Dame is helping as the state transitions from a market that relies on Chicago to one that is more reliant on local bettors.”
September had previously seen a one-month high amounting to $207 million. Analysts say the October handle is up more than 150% from October 2019’s level of $92 million while revenue yielded $2 million in taxes in October.
Vice president of U.S business for Gambling.com, Max Bischel (pictured), said "Indiana saw another record-breaking handle in October thanks to the NBA Finals, World Series and the return of Big Ten football happening simultaneously. October was a great month for sportsbooks who performed extremely well, meaning record-breaking revenue for the state." He continued to add, “while casinos haven’t quite returned to pre-pandemic numbers, sports betting taxes continue to climb."
Bischel stated that casino revenue generated, during the month of October, amounted to almost $150 million, down 1.9% from September. Meanwhile, online betting accounted for 84% of sports gambling, with the remaining 16% occurred at casinos.
Block Issue 5 is out:
The Block is a bi-annual publication which illuminates the cutting-edge sectors of AI, blockchain, crypto and emerging tech, with a print run of 5000 delivered to leading brands across the global industry. View our latest issue of the Block here.