USA – It has been reported today that, as financial figures for the month of March were revealed, retail and online sportsbooks have been hit catastrophically in the state of Indiana.
According to analysts at Play Indiana, the downturn in business during the Coronavirus pandemic is costing the state roughly 125 million dollars in bets.
Lead analyst at Play Indiana Dustin Gouker commented on the findings:
“This is an unprecedented stoppage for legal sportsbooks, and there is no playbook for them to follow to help manage the crisis. Obviously, the sports betting industry is just one facet in a crisis that is affecting us all, too often tragically. But it is a business that employs hundreds in Indiana and generates millions in state taxes. And the bottom line is that there will be no significant relief until the sports world begins to open back up.”
Before the crisis, The Hoosier State was showing a rising trend in wagers and was expecting to take somewhere in the region of 200 million dollars in bets. However, latest figures show that for the entire month of March, just over 70 million was taken. This is a significant drop of 60% from the previous month.
Reportedly, ‘March’s bets produced $5.5 million in adjusted gross revenue, down 50.5% from $11.9 million in February, and yielded $522,0825 in tax revenue for the state.’
Jessica Welman, also of Play Indiana said:
“There is no way to replace the revenue that would have been generated from the NCAA Tournament, which in legal jurisdictions generates more action than the Super Bowl. The NCAA Tournament can’t be rescheduled, but professional leagues are beginning to draw plans to begin games again. We still don’t know what that looks like or when it will happen. Whether spectators are there to watch in-person or not, though, online sportsbooks should again be able to attract bettors, which will be welcome news for the industry.”
Welman, continued with details of what the industry might expect this month:
“We don’t expect a lot of betting on the WNBA and NFL drafts, but we suspect that each will draw more interest than either would under ordinary circumstances. People are looking for some sense of normalcy while they practice social distancing, and the drafts and futures betting is providing at least some outlet for bettors.”
Dustin Gouker concluded with what the future holds for both online and retail bookmakers:
“Online sportsbooks will bounce back more quickly than their retail counterparts, which face a much more uncertain future as the coronavirus pandemic continues. In states where online casino games and poker are legal, such as New Jersey and Pennsylvania, casino operators have had a bit softer landing. But Indiana has really borne the brunt of this crisis, unfortunately.”