Indiana Sees Improved Sports Betting Numbers in May
After a disappointing month of April, the sports betting industry in Indiana picked back up a bit during the month of May.
The lack of NFL football is still hurting the state, but that will all change in a couple of months.
The total sports betting handle in May was $254 million after the state posted a total of just $236 in April. Indiana is one of the first states to report the May totals, and it’s unclear as to how those numbers will stack up with other states.
March 2021 is still the biggest month for the state after there was more than $316 million in wagers, thanks to the NCAA Tournament. The state does appear on track to surpass that total later this Fall when the Indianapolis Colts are back in action.
The May totals were boosted by the return of the Indianapolis 500 at the Indianapolis Motor Speedway. Racing doesn’t generate a ton of interest nationwide, but sportsbooks saw plenty of action on the event in Indiana.
Betting on racing events is included in the “other” category when the totals are posted, and there was a jump in those wagers. That category brought in more than $51 million in bets, and a majority of those came from the Indy 500.
Betway entered the Indiana market on May 28 and saw little action during the final few days of the month. That will change in June, and that could provide another boost to the industry.
The state has seen a huge uptake in activity since sports betting launched in 2019, and it remains a relatively large market. There are at least five new IN sports betting apps set to launch in 2020, including PlayUp and 888Sport.
The June figures will be announced on July 12, and there is hope that those numbers will represent more growth.
Basketball Brings in the Business
Basketball continues to be the biggest betting market in Indiana, and this should come as no surprise to anyone. The total handle for basketball was $82.3 million for the month, and the Indiana Pacers played a role in those numbers.
Baseball was the second most popular sport to bet on in May, even though the state is not home to a professional team. That sport brought in $50.5 million in wagers, and it will have to carry the industry when the NBA Playoffs wrap up.
Parlay wagers accounted for $62 million in May, and football surprisingly brought in $1.4 million in bets. Most of those bets are future wagers, but sportsbooks have already set the lines for the season openers around the league.
There are new options available in the state as well, as Barstool Sportsbook officially launched on May 18. This was a highly-anticipated launch as the Barstool Sports personalities have a massive following throughout the United States.
Barstool got off to a strong start in the month of May, bringing in over $6 million in wagers. It remains to be seen if that operator will be able to really challenge the biggest names in the market.
For more sports news and updates on legal sports betting in Indiana, check out more stories on our blog.
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