Indiana Sportsbooks Post Record February Handle
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.
Hard Rock Northern Indiana Back in Business
A long and exhaustive investigation by the Indiana Gaming Commission has finally come to an…
Arch Madness Set to Begin
The 2021 Missouri Valley Conference men’s basketball tournament is set to begin this week, and…
Carousel Group Makes Big Move
The Carousel Group was able to secure market access into the state of Colorado in…
Colts Complete Trade For Wentz
The Indianapolis Colts have completed a trade with the Philadelphia Eagles to acquire quarterback Carson…
Indiana Sets New Sports Betting Record
After a terrific 2020 calendar year for the sports betting industry in Indiana, 2021 is…
Hoosiers Firmly on NCAA Tournament Bubble
The Indiana Hoosiers men’s basketball team still has some work to do if it is…