Indiana’s online and retail sportsbooks passed the $100m mark in bets last month for the first time, with online betting continuing to rapidly gain traction in the state during a busy month, according to analysts from PlayIndiana.com.
Net revenue for the state’s retail and online sportsbooks generated a combined total of $147.3m for November, an increase of 61 per cent from October’s $91m.
November’s handle has produced $9.3m in adjusted gross revenue, down 19 per cent from $11.5m in October, with the win collecting $883,361 in tax revenue for the state.
“Once online betting begins, the market grows exponentially,” commented Dustin Gouker, lead analyst for PlayIndiana.com.” “Bettors overwhelmingly prefer the convenience and safety of online sportsbooks, and the addition of DraftKings and FanDuel in October was like adding rocket fuel to Indiana’s sports betting industry. That is a pattern we have seen in New Jersey and Pennsylvania, in addition to other smaller legal jurisdictions.”
Draftkings, operating under the Ameristar Casino licence, has continued to lead the online market for November with a $64.1m handle, growing from the £39.4m from the previous month.
In second, FanDuel, operating under the Blue Chip Casino licence, has grown to $23.7m, an increase from October’s $2.4m. Third placed BetRivers, operating under French Lick Resort, came in with $8.4m, increasing from $6.3m.
DraftKings, FanDuel and BetRivers combined to generate 65 per cent of the state’s handle, representing a total of $96.2m in digital bets and an increase of 52 per cent from the previous month.
“We expect that at least 75 per cent of Indiana’s handle will eventually come from online sportsbooks, and that threshold should be met within months,” Gouker added. “Another question is who becomes the dominant online operator in Indiana.
“Right now DraftKings has a leg up, in part because it’s a familiar brand and because the Ameristar Casino’s close proximity to Chicago. We expect FanDuel to make a run at DraftKings, but it will have to be superior in brand, database, and marketing to overtake them.”
One thing that continues to influence progression is the close proximity of many establishments to the Chicago border, with three of the top five retail sportsbooks based in casinos near the Chicago.
“Colts, Bears, and Bengals fans are clearly boosting the handle in nearby casinos during the NFL season,” Gouker continues. “Those sportsbooks nearest Chicago will continue to have an advantage long after the NFL season ends, both in the retail and online markets.”