Indiana has suffered a further month-on-month decline, with wagering dropping to its lowest level since October 2020 ahead of an anticipated slowdown which analysts predict could last until the beginning of the NFL season.
Sportsbooks in the state collected $236.4 in wagers in April, which is down 25.4 per cent from $316.7m in March and counts as the lowest monthly handle since sportsbooks generated a $230.9m handle in October 2020.
The month’s bets produced $20.1m in adjusted gross revenue, which represents a 23.8 per cent drop from $26.4m in March. This yielded $1.9m in state taxes.
“Even a high volume of regular season baseball and NBA basketball games can’t make up for a calendar devoid of NFL and college football games, or a major betting event like the NCAA Tournament,” said Jessica Welman, lead analyst at PlayIndiana.
“Because the pandemic turned the 2020 sports schedule on its head, Indiana hasn’t really experienced a full year of normal sports betting activity. But there are normal seasonal ebbs and flows in sports betting, and this is the start of what is historically the slowest period of every year.”
Online betting accounted for 88.4 per cent, or $209.1m, of the state’s handle, an increase from 88.1 per cent in March. Retail sportsbooks generated the remaining $27.3m in wagers, which is down from $37.5m in March.
DraftKings once again topped all online operators with $79.3m in online bets, down from $111.2m in March. That produced $6.1m in gross receipts, down from $8.5m in March.
FanDuel was second with $67.1m in bets, down from $92.4m in March, and produced $5.7m in gross receipts, compared to the previous month’s $6.8m. Hollywood Lawrenceburg led the retail market again with $8.4m in wagers.
The online market also got more competitive in April with the launch of WynnBet on April 1, and TwinSpires just ahead of the Kentucky Derby. Barstool is also gearing up for the launch of its app.
“Even as the market approaches its second birthday, operators remain bullish on Indiana,” added Nicole Russo, analyst for PlayIndiana. “With two of the highest-volume retail sportsbooks in the state already, Barstool’s online app could really move the market. Fresh entries into the market will keep the largest operators in the state on their toes and vying for new customers.”