According to the American Gaming Association (AGA), November 2019 was the fourth-straight month with more than a billion in wagers for regulated US sports betting markets.
Indiana was far from the only state to set a handle record with November numbers. In fact, every state with the exception of Delaware pulled in a record handle.
Regulated sportsbooks accepted almost $1.9 billion in bets in November
Indiana’s $147 million in wagers accounted for almost 8% of the more than $1.89 billion in sports bets last month. That may sound like a small number, but it was the fourth-largest regulated market in the US last month. Here is how the top five states stack up:
- Nevada: $614,118,812
- New Jersey: $562,675,543
- Pennsylvania: $316,468,264
- Indiana: $147,276,192
- Iowa: $59,344,806
Compared to other states, IN online betting has room to grow
Yes, there is a steady drop-off between Pennsylvania and Indiana, but the Hoosier State is also way in front of Iowa. In only its second month of operation, October, Indiana surpassed Iowa, which launched just a month before Indiana in August 2019.
Indiana also outpaces a number of states that have been accepting wagers much longer, like Mississippi and West Virginia. Certainly, the population of Indiana and surrounding states like Ohio and Illinois are a big factor. However, the bigger factor is online betting in the state.
Take, for example, Iowa. The state requires online bettors to register in person at the sportsbook to start up an account. The state is already feeling the financial strain of that choice as it watches Indiana online betting explode.
It stands to reason Indiana online sports betting has room to grow too. In November, 65% of all bets in Indiana were placed online. In states with more mature online markets, like Pennsylvania and New Jersey, online betting is over 80% of the marketplace.
Almost $16 billion in post-PASPA betting
Since the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) in May 2018, it is no exaggeration to say US sports betting exploded. Per the AGA, US sports betting has produced:
- $15.79 billion in wagers
- $1.12 billion in revenue for sportsbooks
- $146.9 million in tax revenue for states
At the Indiana level, it accounts for this much of each of those numbers:
- $274 million in wagers
- $30.7 million in revenue for sportsbooks
- $2.9 million in tax revenue for states
What these numbers do not account for is the licensing fees associated with sports betting. In Indiana, each vendor paid $100,000 in upfront fees and will pay $50,000 each year in renewal payments.
As the number of operators in Indiana grows, expect the state to start catching up with the big players in the game, like Pennsylvania, and to leave the states with no or limited online betting options in the dust.