Retail and online sportsbooks across The Hossier State posted a best monthly performance since March as Indiana reaped the benefits of a return to sporting action in the US.
Despite July enjoying just eight days of major sports, as the MLB and NBA were welcomed back upon screens nationwide, bettors wagered $70.9m in July, up 137.9 per cent from the $29.8m accepted in June and sending the state’s lifetime handle past $1bn.
Becoming Indiana’s best handle since posting $74.8m in March, July’s bets produced $6.7m in adjusted gross revenue, up 127.9 per cent from $2.9m in May, and yielding $632,554 in tax revenue for the state. Despite the jump, however, bets were still off by $90m from the expectations of an ordinary July, according to PlayIndiana estimates
The July rebound pushed lifetime wagers to $1.03bn since Indiana launched sports betting in October 2019, a milestone that the group says should have been surpassed in spring. The region has also recorded $84.9m in revenue and $8.1m in tax revenue since launch,
“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,” commented Dustin Gouker, lead analyst at PlayIndiana.com.
“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 generating 98 per cent of June’s bets, the online market accounted for 91.1 per cent, or $64.5m, of July’s handle. DraftKings/Ameristar Casino topped the online market with $32.9m in bets, up from $18.2m in June. FanDuel/Blue Chip Casino followed with $24.2m in bets.
Retail sportsbooks are said to be off to an expectedly slow start after reopening in June, producing a $6.3m handle in July, with Hollywood Lawrenceburg leading the market with $2.7m handle, 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.”