Sports Betting Wagers Hit More Than $160m In Indiana

Sports Betting Wagers Hit More Than $160m In Indiana

It has been reported that sports betting wagers hit more than $160 million in Indiana as the state completes its first full year of legal sports betting both online and retail.

The Hoosier State is currently the fourth largest legal betting market in the United States and since the launch of betting last year, the state also experienced the third largest monthly handle total last month in August 2020.

Dustin Gouker of PlayIndiana spoke out about the figures and what they mean for the industry moving forward post Covid-19:

“A rebound was inevitable with such an active sports schedule in August, but seeing such an active month is awfully welcome news for Indiana’s sports betting industry.

August’s results are a clear signal that we are turning the page on its darkest days. The state’s status among legal jurisdictions is relatively safe for now. But Indiana also faces some headwinds, including increased competition in Illinois and Michigan.”

Reportedly, figures were expected to be skewed in comparison to other states that have been operating for more than one year due to the impact of the Coronavirus pandemic. Therefore, it is believed that the coming twleve months to 2021 will be more of a true reflection on state betting revenue and handle.

Jessica Welman, also of PlayIndiana commented on the eventful first 12 months:

“This has been an eventful first year for Indiana sportsbooks, and increasing competition from neighboring states and rapidly growing jurisdictions such as Colorado will continue to put pressure on Indiana’s status.

An Illinois expansion of online betting could really affect Indiana.

In that case, the state’s sportsbooks will have to be creative in attracting new bettors within the state to help blunt the loss of the Chicago market.

And Indiana is still in position to capitalize on large markets in Ohio and Kentucky.”

Overall, there was more than $1 billion in wagers for the states first year with $9 million being generated in state taxes.

Leave a Reply

Your email address will not be published. Required fields are marked *