A handful of college football and preseason NFL games brought a boost to Indiana’s sports betting volume through August, with analysts predicting fresh growth is imminent.
Online and retail sportsbooks combined to draw $215.6m in bets in August, which is up 27.6 per cent from $169m in August 2020 and 10.9 per cent from $194.5m in July. Bettors placed $7m per day over the 31 days of August, up from $5.5m per day in August 2020.
Gross gaming revenue grew to $16.7m, up 33 per cent from $12.6m in August 2020 and three per cent from $17.2m in July. Adjusted gross revenue was $16.5m, producing $1.6m in state taxes.
“Even a little bit of football can make a big difference in a month,” said Eric Ramsey, analyst for the PlayUSA.
“The schedule was still relatively light compared to the fall, but it is a great sign that August brought a nice bounce in wagering.”
In the 24 months since launch, the Hoosier State has produced $4.3bn in wagering, $351.3m in gross sports betting revenue, and $33.4m in tax dollars for the state.
“With the pandemic, sports betting has not always travelled the smoothest road,” noted Nicole Russo, analyst for PlayIndiana.
“Still, Indiana’s industry is maturing more quickly than anyone could have expected, especially considering the obstacles. And the growth is not done. Expect more revenue and wagering records to fall over the next few months.”
Online betting accounted for 90.5 per cent, or $195.2m, of August’s handle. DraftKings topped the market with $74.2m in online wagering in August, producing $4.4m in gross receipts. FanDuel was second in August with $52.6m in wagering, generating a state-best $4.9m in gross receipts.
Furthermore, retail betting accounted for $20.4m in bets in August, up from $19.9m in July, with Hollywood Lawrenceburg leading the way with $5.6m in wagers.
“The NFL, and to a lesser extent college football, is the best opportunity of the year for sportsbooks to attract new customers, so every operator will be aggressive over the next couple months,” Russo added.
“In addition, we expect to see a slew of new operators, such as SBK Sportsbook, launch during the next few months to take advantage of the prime sports betting season.”