Indiana Wagering Makes Major Jump In October

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The burgeoning legal sports betting industry in Indiana made a major jump in October, almost tripling in the first month of mobile and online wagering.

Indiana reported $91.7 million in handle in the second month overall in which sports betting was in play, up significantly from the September estimate of $35.2 million. The online platform of DraftKings, which launched on Oct. 3 through a collaboration with Ameristar Casino, sold the online figure for $39.3 million.

The Indiana Gaming Commission’s October report reported an adjusted gross profit of $11.5 million. That number was certainly plumped by neighbouring Illinois residents, where sports betting was legalised in June, but where regulators have not yet developed regulations to allow the industry to begin. In October, Ameristar East Chicago and Horseshoe Hammond were the top Indiana properties by retail sportsbook handle. Both are about 30 kilometres of downtown Chicago.

Indiana Sports Betting Revenue September vs October 2019

Sep. ‘19 Oct. 19 Change
Total Handle $35.2M $91.7M +260.5%
Online N/A $48M N/A
Adjusted
Gross Revenue
$8.6M $11.5M +33.7%

 

Other Top Indiana Earners

Rush Street , known as BetRivers , earned $6.2 million via French Lick Resort in company. FanDuel, New Jersey and Pennsylvania’s top earner, reported $2.4 million after the Oct. 25 release. FanDuel launched an access agreement with Boyd Gaming in Indiana. Boyd CEO Keith Smith said he was “quite optimistic” about the Indiana Joint Venture on a quarterly call this week.

As expected, the juxtaposition of DraftKings and FanDuel will be important in defining the Indiana market, as both continue to push into states that allow sports betting. Until FanDuel, DraftKings had entered the market in New Jersey, but was overtaken in months.

Upon passing Proposition DD on Tuesday, DraftKings CEO Jason Robins tweeted that he was looking forward to the business actually launching there.

The focus of FanDuel is also coastal with the parent company Flutter making moves through a merger with Stars Group in October to gain access to markets across the country. Peter Jackson, CEO of Flutter, said an agreement revealed in early October was planned to grow nationwide by “turbocharge.”

In August, DraftKings became part of its own mega-deal, gaining market share through a Penn National Gaming alliance.

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