Indiana’s gross revenue for November obliterated its former record as it surged to $47.1m, an increase of 86.7 per cent from $25.3m in November 2020.
Overtaking the previous heights of September, which brought $33.2m, November’s GR was also up 71.2 per cent from $27.8m in October and created a record $47.7m in taxable revenue, which yielded $4.5m in state taxes – another new highwater mark for the Hoosier state.
“Obviously, 2020 was an unusual year, but Indiana’s year-over-year growth has been staggering so far,” said Eric Ramsey, an analyst for the PlayUSA.
“Historically, December and January have been the highest-volume months of the football season in the state. So, the best months are likely still ahead, too.”
Moreover, online betting accounted for $422.9m, or 91.20 per cent, of November’s handle. Retail betting accounted for the remaining $40.8m.
DraftKings topped all online operators in the state by handling $166.2m in bets, up from $150.7m in October. The month’s wagers produced $12.6m in gross receipts, up from $7.8m in October. FanDuel was second in the state with $109.8m in online wagering, down from $113.3m in October. Those bets still led to a state-best $15.6m in gross receipts, up from the previous month – $9.2m.
Hollywood Lawrenceburg led Indiana’s retail books with $12.7m in wagers. That was down from $15.6m in October. The property is also said to have become one of the top-grossing retail sportsbooks in the US in large part because of its proximity to Cincinnati. But as Ohio nears legalisation, Indiana’s online and retail casinos may soon not be able to count on their eastern neighbours to boost wagering.
“The state’s sportsbooks have weathered this before when Illinois and Michigan launched sports betting,” said Jake Garza, analyst for PlayIndiana.
“Every time, Indiana has managed to thrive in spite of the loss of out-of-state bettors. Indiana’s market is more than capable of standing on its own.”
Indiana’s GR record comes during the same month as the state narrowly set a third consecutive monthly betting record with more than $463m in wagers, with PlayIndiana predicting further records during the winter period due to college basketball joining football and the NBA festive fixtures.
“Basketball betting, both college and professional, is more important in Indiana than almost every other legal sports betting market in the US,” added Garza. “Indiana’s best months are typically when college basketball and the NBA are in full stride, and the NFL is still in play. And with Purdue among the nation’s best and Indiana off to a good start, bettors are particularly incentivised this year to bet on college basketball.”
In November, online and retail sportsbooks generated $463.7m in wagers, up 84.4 per cent from $251.4m in November 2020, according to official reporting released Friday. The month’s handle even topped October’s $461.1m handle, which was buoyed by five full weekends of college football and the NFL.
Bettors hastened the pace of betting to $15.5m per day over the 30 days of November from $14.9m per day over the 31 days in October.
Indiana’s sportsbooks have now generated $419.2m in revenue on $3.4bn wagers so far this year, crossing the $3bn wagering mark for the first time.
