Indiana’s Sports Betting handle see significant drop in July
The Indiana Gaming Commission recently announced the July sports betting totals, and it was a disappointing month for the industry.
Both the total sports betting handle and the total revenue saw a sharp decrease in July, but that doesn’t mean that this will be a trend moving forward.
The total sports betting handle for the month of July was just $194.5 million, which was a drop of more than 20 percent from June. A slow calendar month of sports played a significant role in this decline, but the large drop was surprising.
Gross sports betting revenue actually saw a larger drop than the total handle as it fell by nearly 32%. The adjusted gross betting revenue in July was just $17.5 million after it climbed all the way up to $25.5 million in June.
One of the biggest reasons for the drop in numbers in July had to do with the fact that the NBA season concluded at the beginning of the month. Basketball had been the biggest betting market in the state, but that wasn’t the case last month.
Baseball led the way with more than $63 million in betting action during the month of July, and it should top the charts again in August as well. Indiana continues to face plenty of competition in the Midwest, and it’s clear that the state is starting to come up short.
DraftKings Tops the Charts
Online sports betting continues to bring in the most action in the state of Indiana, and two online operators continue to lead the way. Even though the Hoosier State has a long list of great online betting options, DraftKings and FanDuel continue to lead the way.
Draftkings had an online handle of $63.6 million last month, and it continues to dominate the Indiana market. FanDuel has been keeping the pressure on its top rival, accounting for $54.3 million in online handle in July.
Online sports betting made up 92% of the total handle in the state last month, but even that form of betting took a hit. The mobile betting handle was down more than 20 percent, which had a major impact on the total number.
BetMGM and PointsBet are next on the list when it comes to online handle, but they have a long way to go to challenge the leaders. There is also a new book in town to take on the big 2 after Caesars Sportsbook went live.
Total Handle Over $4 Billion
Even though the July numbers were not as high as expected, it was still a time to celebrate the Indiana sports betting industry. The total handle in July pushed the state over $4 billion in handle since the industry launched in September 2019.
Indiana was once the leader in the Midwest portion of the US, but that is no longer the case. The state has brought in more than $300 million in revenue, and the market should have a strong finish to 2021.
It’s also worth noting that the state saw over $3 billion in total handle over the last 12 months. The next 12 months should be even better for the state, but changes are needed to get back on top in the Midwest.
For more sports news and updates on legal sports betting in Indiana, check out more stories on our blog.
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