Indiana’s Sports Betting Ups And Downs
February was another busy month for the ‘Hoosier State’, with local sportsbook operators taking $409.1m in wagers. The numbers, released by the Indiana Gaming Commission last Friday, represented a $90m downturn on the record-setting previous month. However, this delivered a huge uplift on a COVID-blighted February 2021, with handle increasing by a colossal 50% on the like-for-like period.
It seems the presence of Cincinnati Bengals in this year’s Superbowl piece, who hail from neighbouring state Ohio, had a decisive influence in Indiana’s football betting sector. Indeed, in comparison last to February, stakes on the sport increased by a whopping $12.2m.
Hopes remain high for a bumper Spring, with native favourites the Indiana Hoosiers participating in their first NCAA tournament for six years. The collegiate championship enjoys immense popularity right across the U.S. However, as Indiana is first and foremost a basketball state, there’s every chance that the Hoosiers could help the state surpass January’s record total this month.
Despite a significant hike in handle, sportsbook operators presided over an almost static adjusted gross revenue (AGR) figure. The $17m delivered last month only usurped the previous year’s performance by $2,500.
However, the state’s twelve casino establishments fared significantly better on this metric. Collectively, they raised an eye-watering $187.2m in AGR, $13m up on January, and a $60m upturn on the year. Fittingly, DraftKings took the crown for highest gaming handle, tipping the scales at $121.5m. Nevertheless, it was a sterling month for many concessionaires, with many taking in excess of $50m in wagers.
The other significant winner was the state authorities. Taxation on gaming activity, inclusive of contributions from both casino and sports betting operations, put $61.1m into state coffers last month.
Indiana’s sports wagering run rate shows no signs of letting up.
