PlayIndiana.com: Sportsbooks reach $250 million plateau for first time

Indiana sportsbooks continued their torrid pace in November — surpassing $250 million in wagers in a month for the first time — as local bettors continued to put money on the state’s NFL and college football teams, according to analysts from PlayIndiana.

“Indiana has largely managed to shrug off increased competition from its neighbors, which is a good sign for the future of the state’s industry,” said Dustin Gouker, lead analyst for PlayIndiana.com. “A lot has gone right in recent months to get Indiana to this new high point, but considering the challenges, it has been an impressive string of months.”

Buoyed by continued interest in the Indianapolis Colts, as well as particular interest in Notre Dame and Indiana football, sportsbooks accepted $251.4 million in bets in November, according to official reporting released Thursday. That marks the third consecutive month Indiana sportsbooks have set a state record for monthly handle, topping $230.9 million hit in October.

Wagering in November produced a record $25.3 million in adjusted gross revenue for the state’s operators, up 20% from the record $21.1 million set in October, and yielded $2.4 million in state taxes. Year over year, Indiana’s handle grew 70.7% from $147.3 million in November 2019 while gross revenue jumped 172.4% from $9.3 million.

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Indiana reclaimed its position in October as the fifth-largest market in the U.S., ahead of Colorado, but behind New Jersey, Nevada, Pennsylvania, and Illinois. And November’s results should be enough to stay in that position.

“I think some of the worries that Indiana would slip as its neighbors legalized sports betting are calming,” said Jessica Welman, analyst for PlayIndiana.com. “The market in the Hoosier State is proving to be quite dynamic.”

One way the Hoosier State has been able to improve is a boost in local football interest. Notre Dame and Indiana University are both among college football’s elite, and the Colts continue their drive toward the NFL playoffs. The result is a swell of football bets, hitting $113.5 million in November, a rise of 33.9% from $84.7 million in October and up 96.5% from $57.7 million in November 2019. With only a sliver of college basketball season to drive interest, basketball was a distant second with $17.7 million in November bets.

“There really isn’t any substitute in sports betting for a local team doing well, and Indiana is enjoying three at once,” Gouker said. “And with both college and NBA basketball returning, a sport that enjoys particular interest in Indiana compared with most other legal jurisdictions, December really sets up to be another jump forward.”

Online betting generated 85%, or $213.7 million, of November’s handle, increasing the share of all bets from 83.6% in October. DraftKings/Ameristar Casino continued its dominance of the digital market, increasing its bets to $95.2 million in November from $90.5 million in October. Those bets produced $7 million in gross receipts, down from $8.6 million in October.

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DraftKings was followed by:

• FanDuel/Blue Chip Casino ($64.2 million handle, up from $63.6 million; $7.7 million in gross receipts, up from $7.1 million.
• BetMGM/Belterra ($25.3 million handle, up from $20.1 million; $2.2 million win, up from $1.8 million)
• BetRivers/French Lick Resort ($10.3 million handle, up from $7.8 million; $660,365 win, up from $632,752)
• PointsBet/Hollywood Lawrenceburg ($9.9 million handle, up from $7.1 million; $794,517 win, down from $862,865)
• William Hill/Tropicana Evansville ($4 million handle, up from $149,897; $685,922 win, up from $65,406)
• TheScore/Ameristar ($2.2 million handle, up from $1.5 million; $45,530 win, down from $123,494)
• Unibet/Horseshoe Hammond ($1.8 million handle, even with October; -$7,008 win, down from $188,558)
• Caesars/Horseshoe Hammond ($564,046 handle, up from $403,136; $67,095 win, up from $31,182)
• BetAmerica/Rising Star Casino ($144,130 handle, down from $189,108; $11,005 win, up from -$10,016)

Retail sportsbooks took in $37.7 million in November wagers, down slightly from $37.9 million in October. The emergence of Illinois’ online sportsbooks has been felt most in Indiana’s retail market. Once dominated by sportsbooks nearest Chicago, retail sportsbooks were led in November by Hollywood Lawrenceburg, nearest Cincinnati. Hollywood Lawrenceburg’s $11.6 million handle in November was more than the combined handle of state No. 2 Ameristar Casino ($6.3 million) and No. 3 Horseshoe Hammond ($4.9 million).

“Chicago is still an important market for sportsbooks near the border, but the combination of Illinois’ sports-betting expansion and the pandemic has challenged the retail market,” Welman said. “As a whole, though, growth in online betting has more than made up for any slowdown in the retail market. And Indiana made last-minute protocol changes to keep casinos open while properties in surrounding states shut down, which has helped the industry.”

About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.