Indiana sports betting volume dropped below $250m through June, however, despite finding little help from local events to drive interest, revenue jumped to more than $25m during the month.
Online and retail sportsbooks accepted $246.3m in wagers in June, which is down 3.2 per cent from $254.4m in May. Despite the drop, average betting volume remained at $8.2m per day over the 30 days in June, equalling the 31-day average in May.
Sportsbooks generated $26.7m in gross gaming revenue from June’s wagering, which was up 48.5 per cent from $18m in May. Adjusted gross revenue came in at $25.5m, yielding $2.4m in state taxes.
“With the early exit by the Pacers from the NBA Playoffs and with no event comparable to the Indianapolis 500, a relatively low-volume month is no surprise,” said Jessica Welman, an analyst for the PlayUSA.com.
“Overall, Indiana’s sportsbooks have performed well over the last three months compared with other Midwestern states, which have so far experienced steeper declines in betting volume.”
In June, 88.7 per cent of all bets were made online, totaling $218.4m. DraftKings topped the online market once again by taking in $75.6m in bets, down from $81.8m in April.
June’s bets produced $6.2m in gross receipts. FanDuel remained close on its rival’s heels with $64.2m in bets, down from $79.3m in May. Those bets yielded $9.1m in gross receipts.
In its first full month of operation, Barstool’s online sportsbook settled in sixth place with $10.4m in bets during the month. That produced a win of $33,167.
Furthermore, analysts also suggest that impending extra competition is coming to the market, with the PlayUp Sportsbook recently gaining market access via Caesars, and 888 likely to bring the Sports Illustrated-branded entity.
Retail sportsbooks generated the remaining $28.1m in wagers, up from $26m in May. Hollywood Lawrenceburg, nearest to Cincinnati, topped space once again with $9m in wagers, up from $8.4m in June.
“As successful as Indiana’s industry has been so far, it might be easy to forget that it is still maturing,” Welman added.
“Well-known brands like Barstool, which is already building a following, and Sports Illustrated will help the market grow. The bottom line is that the best days for Indiana are still ahead.”