For the fifth consecutive month, Indiana set a wagering record, with the Hoosier State picking up in 2021, where it left off in the previous year after registering almost $350 m in January.
Analysts say that the success, which came as the digital ecosystem debuted in neighbouring Michigan, is more proof that Indiana is far from hitting its ceiling and able to generate more than $3 billion in bets this year.
Jessica Welman, analyst for PlayIndiana.com “This will be a particularly important year for Indiana’s sports betting industry.
“Illinois and Michigan, which were two feeder markets in the early days of sports betting in Indiana, will continue to grow.
“And Ohio is moving toward regulating sports betting, too. So sportsbooks will increasingly have to rely on in-state bettors. That said, the market continues to prove more than capable of standing on its own.”
January wagers up year-on-year
According to official statistics, Indiana sportsbooks approved $348.2 million in wagers in January, which is up 103.9 percent from $171 million year-on-year and topped the previous $313.1 million mark set in December.
The wagering in January resulted in a reported $29.3 million in adjusted gross operator income, up from $12.2 million in January 2019. The bets for the month yielded $2.8m in state taxes.
According to PlayIndiana estimates, if growth continues through 2021, the state might top $3bn in bets, more than $200m in income, and $20m in state taxes.
Heading for a new high
Dustin Gouker, analyst for PlayIndiana.com said: “Assuming we don’t have any interruptions in the sports schedule like in 2020, a new high is almost assured in 2021.
“The biggest question is how much higher? That depends in large part on how well the market responds to increasing competition from its neighbours.”
Online betting generated 85.1 percent of January’s handle, or $296.5m, with DraftKings/Ameristar Casino accounting for 35.2 percent of January’s state handle with $122.6m in bets, generating gross receipts of $9.4m. With $89.m in bets, FanDuel/Blue Chip Casino was second, and BetMGM/Belterra was third with $52.4m.
In January wagers, retail sportsbooks produced $51.7m, up from $47.4m in January 2020, with Hollywood Lawrenceburg leading the way with a $13.4m grip.
“A year after launching, BetMGM has quietly become a major player in the state,” Gouker said. “DraftKings and FanDuel continue to be the dominant forces, but having more operators challenge the top is ultimately good for consumers.”