Despite little support from local events to boost interest, Indiana sports betting volume slipped below $250 million in June, while income soared to more than $25 million.
In June, online and retail sportsbooks took in $246.3 million in wagers, down 3.2 percent from $254.4 million in May. Despite the decline, average daily betting volume remained at $8.2 million in June, matching the 31-day average in May.
Sportsbooks made $26.7 million in gross gaming revenue in June, up 48.5 percent from $18 million in May. Adjusted gross revenue was $25.5 million, with $2.4 million in state taxes.
Relatively low-volume month
Jessica Welman, an analyst for the PlayUSA.com said: “With the early exit by the Pacers from the NBA Playoffs and with no event comparable to the Indianapolis 500, a relatively low-volume month is no surprise.
“Overall, Indiana’s sportsbooks have performed well over the last three months compared with other Midwestern states, which have so far experienced steeper declines in betting volume.”
In June, online bets accounted for 88.7 percent of all wagers, totaling $218.4 million. DraftKings once again dominated the online betting industry with $75.6 million in wagers, down from $81.8 million in April.
The bets in June brought in $6.2 million in gross revenue. With $64.2 million in bets, FanDuel remained close behind its competitor, down from $79.3 million in May. The winnings from these wagers totaled $9.1 million in gross receipts.
Barstool’s online sportsbook finished sixth in its first full month of operation, collecting $10.4 million in bets. This resulted in a $33,167 win.
Analysts also believe that additional competition is on the way, with PlayUp Sportsbook just getting market access through Caesars and 888 expected to introduce the Sports Illustrated-branded company to the market.
The remaining $28.1 million in wagers came from retail sportsbooks, up from $26 million in May. Hollywood Lawrenceburg, the closest casino to Cincinnati, took first place with $9 million in wagers, up from $8.4 million in June.
“As successful as Indiana’s industry has been so far, it might be easy to forget that it is still maturing,” Welman added.
“Well-known brands like Barstool, which is already building a following, and Sports Illustrated will help the market grow. The bottom line is that the best days for Indiana are still ahead.”