For the first time last month, Indiana’s digital and retail sportsbooks reached the $100 m mark in bets, with online betting continuing to gain rapid momentum in the state over a busy month, analysts from PlayIndiana.com say.
Net revenue for the state’s retail and online sportsbooks generated a combined total of $147.3 million for November, an increase of 61 percent from $91 million in October.
November’s handle has produced $9.3 million in adjusted gross revenue, down 19 per cent from October’s $11.5 million, with the win raising $883,361 in tax revenue for the state.
“Once online betting begins, the market grows exponentially,” commented Dustin Gouker, lead analyst for PlayIndiana.com.” “Bettors overwhelmingly prefer the convenience and safety of online sportsbooks, and the addition of DraftKings and FanDuel in October was like adding rocket fuel to Indiana’s sports betting industry. That is a pattern we have seen in New Jersey and Pennsylvania, in addition to other smaller legal jurisdictions.”
Draftkings, operating under the Ameristar Casino licence, continued to lead November’s online market with a $64.1 million handle, rising from the previous month’s £ 39.4 million.
First, FanDuel, operating under the licence of the Blue Chip Casino, has risen to $23.7 million, a rise from $2.4 million in October. Third-placed BetRivers, operating under the French Lick Resort, came in at $8.4 million, up from $6.3 million.
DraftKings, FanDuel and BetRivers combined to generate 65 percent of the handle of the state, representing a total of $96.2 million in digital bets and a 52 percent increase over the previous month.
“We expect that at least 75 per cent of Indiana’s handle will eventually come from online sportsbooks, and that threshold should be met within months,” Gouker added. “Another question is who becomes the dominant online operator in Indiana.
“Right now DraftKings has a leg up, in part because it’s a familiar brand and because the Ameristar Casino’s close proximity to Chicago. We expect FanDuel to make a run at DraftKings, but it will have to be superior in brand, database, and marketing to overtake them.”
The close proximity of many establishments to the Chicago border is one thing that tends to affect growth, with three of the top five retail sportsbooks located in casinos near Chicago.
“Colts, Bears, and Bengals fans are clearly boosting the handle in nearby casinos during the NFL season,” Gouker continues. “Those sportsbooks nearest Chicago will continue to have an advantage long after the NFL season ends, both in the retail and online markets.”