Indiana Sports Betting Handle Nearly Triples With Mobile Betting IntroductionIndiana Gamblers Wagered $91.7 Million On Sports In October |
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With the introduction of online and mobile sports betting, Indiana’s sports betting handle nearly tripled in October.
September was the first full month of legal sports betting in the Hoosier state. It did not have online sportsbooks and all bets needed to be placed at a brick-and-mortar location. In September, the state’s sportsbooks accepted $35.2 million in sports bets.
In October, the state introduced online betting. Without the burden of needing to be at a casino to place a bet, the state’s total handle ballooned to $91.7 million, according to numbers released by the Indiana Gaming Commission.
It’s the latest data point that proves online and mobile betting is crucial to the health of any sports betting market. Rhode Island legalized the activity in 2018 and it was operational before the end of the year, but only at brick-and-mortar locations. Its government struggled to generate any tax revenue until it legalized online betting last March.
In its first four months, the government only generated $300,000 in tax revenue from sports betting. Since mobile and online betting was legalized, the government took in $2.52 million in revenue.
New Jersey, who is now constantly neck-and-neck with Nevada for the biggest sports betting market in the nation, gets most of its revenue from the virtual sportsbooks. In September, the latest month with released results, $374.2 million of the record-setting $445.6 million total sports betting handle came from the state’s 14 sportsbooks.
Just like in the Garden State, DraftKings was the leader of all online sportsbooks. There was $48.01 million wagered online at Indiana’s three sportsbooks in October, which made up more than half of the state’s total handle. DraftKings’ handle was $39.4 million, while $6.3 million was wagered on BetRivers and another $2.4 million on FanDuel.
Of the brick-and-mortar locations, Horseshoe Hammond led the way with a handle of $10.7 million. The casino is the closest casino for Chicago-area gamblers to visit, indicating that residents of the Windy City helped boost Indiana’s October numbers.
That boost may be temporary, however, with Illinois legalizing sports betting last June.
Indiana’s sportsbooks profited $11.5 million on the inflated handle. 45 percent of the bets were placed on football games. The state took $1.1 million of that profit in taxes.
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