Indiana Sportsbooks Post Record February Handle

Categories: News, March Madness | Published by: Corey Scott

11/03/2020

Indiana Sportsbooks take in a record $187.2 Million handle in February, smashing previous records.

Indiana’s sports betting market continues to show steady growth, especially online betting. Figures released from the Indiana Gaming Commission this week revealed that the state-sanctioned retail and online/mobile sportsbooks took a combined $187.1 million in wagers last month, a new record handle for the nascent Indiana sports gambling market.

It is believed the Super Bowl helped Indiana’s retail and online sportsbooks post a February that landed another impressive monthly record. With March Madness now on the horizon and new online casinos launching, Indiana is positioned to weather the launch of retail sports betting in Michigan and Indiana. The legal betting market continues to mature in the state. Currently, there are 6 online and mobile Sportsbooks operating and this number is expected to grow as more operators see the states potential.

The February total of $187.2 million was up 9.6% from what was a then record of $170.8 million handle generated in January, according to official reports. February produced $11.1 million in adjusted gross revenue, down 15.9% from $12.9 million, yielding $1.1 million in state taxes. Bettors placed $11.6 million in bets on football, almost entirely on the Super Bowl. As well as football, basketball generated $90.2 million.

Indiana has some definite market advantages, most notably its ability to attract out-of-state bettors, and this trend has continued. None of Indiana’s neighbors have launched legal online sports betting yet, and because Indiana does not require in-person registration for mobile users, the Hoosier State can easily capitalize by allowing out-of-state bettors to simply cross the state line. Indiana will remain a friendly neighbor for sports bettors for the foreseeable future. Illinois and Michigan have legalized sports betting, each launching retail betting this week. That will have some impact, but it shouldn’t be that significant without an online component in either state. And progress toward legalizing sports betting has stalled in both Kentucky and Ohio.

In total online sportsbooks generated $145.9 million in bets in February, or 77.9% of the state’s handle. And more sportsbooks came online with the Feb. 25 launch of BetMGM and the March 5 unveiling of PointsBet/Hollywood Lawrenceburg.

In February, DraftKings/Ameristar Casino led the online market with $74.1 million in bets, up from $66 million in January. That generated $5.7 million in gross receipts. But FanDuel/Blue Chip Casino continued to gain ground on its rival, tallying a $63.8 million handle in February, up from $49.5 million.