Indiana retail and online sportsbooks capped their inaugural year in the state by surpassing $160 million in bets in a month for the first time. Indiana’s record handle in December pushed the state to more than $430 million in bets since the first wager was accepted in September, a staggering pace that has set the stage for a momentous 2020, according to analysts from PlayIndiana.
“Indiana’s ascent to one of the largest sports betting markets in the country has been impressive by most any measure,” said Dustin Gouker, lead analyst for PlayIndiana. “The question for 2020 is whether Indiana can sustain its rate of expansion, especially as neighboring states become more likely to legalize sports betting. That has already happened in Michigan, which could take a bite out of the handle at some of northern Indiana’s retail sportsbooks.”
In December, the state’s retail and online sportsbooks generated $161.8 million in bets, up 10% from $147.3 million in November, according to official reporting. December produced $12 million in adjusted gross revenue, up 29% from $9.3 million in November. The “win” yielded $1.1 million in taxes for the state.
Indiana sportsbooks have now generated $433.4 million in bets and $42.7 million in revenue since launch, and is easily the fourth-largest sports betting marketing in the country. January should bring more growth. Football betting has accounted for $178.6 million since launch and $59.1 million in bets in December, and that will likely surge with the NFL Playoffs. Basketball, which has tallied $82.2 million since launch and $42.3 million in December, should grow as college basketball enters conference season and the NBA season heats up.
“With the NFL Playoffs at hand and college basketball in full swing, it is possible that Indiana will surpass $1 billion in bets by March, making Indiana one of the quickest legal U.S. jurisdictions to reach that mark,” Gouker said.
The relatively rapid growth of Indiana can be attributed to the adoption of online sports betting earlier than states such as Pennsylvania. In Indiana, $110.6 million of December’s bets were made online representing 69.5% of the state’s total handle, up from 65% of the November handle.
BetAmerica, operating under the Rising Star Casino license, became Indiana’s fourth online sportsbook when it launched in late December. Still, DraftKings, which operates under the Ameristar Casino license, led the online market once again in December. DraftKings attracted $66.7 million in bets, up from $64.1 million in November, and generated $5 million in gross receipts, up from $4.3 million. DraftKings was followed by FanDuel/Blue Chip Casino, which generated a $36 million handle in December, up from $23.7 million, and a $2.2 million win.
Once again, the top retail sportsbooks were those closest to large out-of-state markets. The top retail sportsbook in Indiana continues to be Horseshoe Hammond, near Chicago. The market leader generated $13.4 million in December, up from $13 million in November. Those bets generated $1.1 million in gross receipts, up from $800,208.
“Indiana’s strong start is unquestionably tied to the state’s relatively early launch of online sports betting,” Gouker said. “Online sports betting should make up an increasing share of the state’s handle, too. That will help steady Indiana’s sports betting industry, even as increasing competition from neighboring states affect retail sportsbooks, which is inevitable.”
For more revenue information, visit PlayIndiana.com/revenue.