Retail and online sportsbooks in The Hossier State have reported the best monthly results since March as Indiana took advantage of a return to sporting activity in the US.
While watching just eight days of professional sports in July, as the MLB and NBA were welcomed back on national screens, bettors wagered $70.9 million in July, up 137.9 percent from the $29.8 million approved in June, and sending the state’s lifetime handle past $1 billion.
Becoming Indiana ‘s best handle since reporting $74.8 million in March, July’s bets yielded $6.7 million in adjusted gross income, up 127.9 per cent from $2.9 million in May, and $632,554 in tax revenue for the state. Nonetheless, following the leap, bets were still off $90 m from ordinary July forecasts, PlayIndiana estimates
After Indiana legalized sports betting in October 2019, the July turnaround lifted lifetime wagers to $1.03bn, a mark that the company claims would have been reached in spring. Since launch, the region has also reported revenues of $84.9 m and tax revenues of $8.1 m.
Dustin Gouker, lead analyst at PlayIndiana.com said: “Indiana’s sportsbook operators have proven resilient in the face of a pandemic that completely upended the sports betting model, along with so much else.
“The industry is closing on a return to a more normal market that has the potential of a huge surge with a full month of baseball, basketball, and hockey and the potential return of football nearing.”
After producing 98 percent of the June bets, July’s handle accounted for 91.1 percent, or $64.5 m, of the online market. The betting market was top by DraftKings / Ameristar Casino with $32.9 m in bets, up from $18.2 m in June. FanDuel / Blue Chip Casino followed up with bets of $24.2 m.
Retail sportsbooks are expected to start gradually after reopening in June, delivering a $6.3 m handle in July, with Hollywood Lawrenceburg leading the $2.7 m handle segment, up from $323,968.
“DraftKings and FanDuel have very noticeably ramped up their battle for online dominance with each pouring millions into advertising campaigns, as sports betting continues to move more online,” Gouker added.
“Hollywood Lawrenceburg’s handle is impressive, but as long as the pandemic rages on, in-person betting will be diminished. But operators with robust online products should continue to thrive.”