It has been reported that the sports betting industry in the state of Indiana is ‘flying’ as sportsbooks take more than $250 million in wagers from local bettors.
With the state’s NFL and college football in full swing, the bets have been flying in throughout November 2020 as The Hoosier State’s betting markets continue to swell.
Indiana has shown once again that the sports betting industry is strong and showing no signs of slowing down as it surpasses much of the competition in nearby regions.
New High Point
Lead analyst for PlayIndiana Dustin Gouker commented on the findings:
“Indiana has largely managed to shrug off increased competition from its neighbors, which is a good sign for the future of the state’s industry.
A lot has gone right in recent months to get Indiana to this new high point, but considering the challenges, it has been an impressive string of months.
There really isn’t any substitute in sports betting for a local team doing well, and Indiana is enjoying three at once.
And with both college and NBA basketball returning, a sport that enjoys particular interest in Indiana compared with most other legal jurisdictions, December really sets up to be another jump forward.”
According to local state betting specialists PlayIndiana, Indiana sportsbooks took more than $250 million, setting yet another record for the third consecutive month, surpassing October’s impressive $230 million.
In turn, The Hoosier State’s operators pocketed around $25 million in gross revenue and Indiana benefited from more than $2 million in state taxes due to the record-setting figures.
This means that November’s new record for gross sportsbook revenue increased some twenty percent compared with October and the total handle was up more than seventy percent compared with the same period last year.
Reportedly, despite worries that figures would plummet when neighbouring states legalised sports betting, Indiana showed resilience to competition and is proving to be somewhat of a dynamic market.
Jessica Welman, also of PlayIndiana shared her comments on the news:
“I think some of the worries that Indiana would slip as its neighbors legalized sports betting are calming.
The market in the Hoosier State is proving to be quite dynamic.
Chicago is still an important market for sportsbooks near the border, but the combination of Illinois’ sports-betting expansion and the pandemic has challenged the retail market.
As a whole, though, growth in online betting has more than made up for any slowdown in the retail market.
And Indiana made last-minute protocol changes to keep casinos open while properties in surrounding states shut down, which has helped the industry.”
Indiana is currently the fifth biggest sports betting market in the United States and has recently experienced a strong local interest in college football, along with NFL match fixtures regarding the Indianapolis Colts.