A disappointing Super Bowl has been cited by analysts as Indiana’s five-month streak of wagering records came to an end in February, with handle coming in a little below $275m.

However, fresh potential is offered by the impending March Madness NCAA men’s basketball tournament, which is to be hosted in its entirety within The Hoosier State.

“Indiana remains a shining star among legal sports betting markets, even with a disappointing Super Bowl,” said Jessica Welman, analyst for PlayIndiana.com.

“It is eye-popping to see a pullback, especially considering February marked the first full month of online sports betting in Michigan. 

“But the market has continued to expand in spite of increased competition from Illinois, so this is likely a momentary blip explained most easily by the uniqueness of Indiana’s market.”

Indiana sportsbooks generated $273.9m in February wagers, up 46.3 per cent from $187.2m year-on-year but down from January’s record $348.2m.

Adjusted gross operator revenue fell to $17m and yielded $1.6m in state taxes, which is down from $29.3m in January. GOR was up 52.9 per cent from $11.1m in February 2020.

The performance saw online betting generate $241m, 88.4 per cent of the state’s overall handle, which was up from 85.1 per cent in January. 

DraftKings/Ameristar Casino led the way with $107.4m in online bets, yielding $3.7m in gross receipts. FanDuel/Blue Chip Casino‘s $70.9m handle led to a market-best $5m in gross receipts.

Retail sportsbooks produced $32.9m in bets, down from $41.3m in February 2020. Hollywood Lawrenceburg, nearest Cincinnati, led retailers with $13.4m in wagers.

“Cincinnati and Louisville remain important markets, and Chicago is still vital to Indiana’s retail outlets nearest the Windy City,” Welman added. 

“Indiana is more than capable of standing on its own, but out-of-state bettors still drive significant revenue even as Michigan and Illinois have grown into major markets with online and retail sportsbooks.”