Although they were limited to placing bets in person, residents of and visitors to the Hoosier State took full advantage of legal sports betting in its first month. The Indiana sports betting revenue from its first month is impressive.
In September, Indiana sportsbooks accepted $35,215,416 in wagers and earned $8,558,974.
Considering the state’s population, the fact that neighboring states are behind, the start of basketball season, and that mobile betting is now live, the rest of 2019 could be even better.
Details on Indiana sports betting revenue in September
The first legal Indiana sportsbooks started accepting wagers on Sept. 1. By the end of the month, there were 13 land-based operators live in the Hoosier State.
While the state’s revenue report shows only 10 licensees with actual revenue, Indiana’s three off-track betting sites are included in other licensees’ revenue figures. That brought the total of physical sites accepting wagers in the state to 13.
Altogether, the adjusted gross revenue (AGR) from all 13 sites in September was $8.55 million.
Horseshoe Hammond also reported the largest handle at nearly $9 million. The state took in a total of $813,103 in tax on the AGR.
The numbers for each licensee according to the Indiana Gaming Commission during September is as follows:
|Casino||Handle||Mobile Sports Betting Revenue||Retail Sports Betting Revenue||Total Sports Betting Revenue||Taxes (9.5%)|
|Blue Chip Casino||$3,870,797||N/A||$957,470||$957,470||$90,960|
|French Lick Resort Casino||$939,222||N/A||$217,523||$217,523||$20,665|
|Harrah's Hoosier Park*||$4,334,907||N/A||$1,299,012||$1,299,012||$123,406|
|Hollywood Casino Lawrenceburg||$5,227,776||N/A||$1,235,801||$1,235,801||$117,401|
|Horseshoe Southern Indiana||$1,051,750||N/A||$293,348||$293,348||$27,868|
|Indiana Grand Casino**||$3,621,627||N/A||$764,908||$764,908||$72,667|
|Majestic Star Casino||N/A||N/A||N/A||N/A||N/A|
|Majestic Star II||N/A||N/A||N/A||N/A||N/A|
|Rising Star Casino Resort||N/A||N/A||N/A||N/A||N/A|
*Harrah’s Hoosier Park includes figures for Winner’s Circle OTBs in Indianapolis and New Haven.
**Indiana Grand includes figures for Winner’s Circle OTB in Clarksville.
How Indiana sports betting compared to NJ and PA in their first months
While Indiana’s numbers seem significant, they stand out even more in comparison to how New Jersey and Pennsylvania fared in their first months of legal wagering.
In their first months of legal sports betting, AGR for all operators in NJ and PA didn’t do as well as their counterparts in the Hoosier State. Indiana is off to an impressive start.
Indiana’s revenue impresses even more adjusted for the population, however. Indiana’s current estimate is 6.72 million residents, less than New Jersey (8.92 million), and Pennsylvania (12.81 million).
Additionally, Indiana sportsbooks outperformed their east-coast counterparts in terms of win. Pennsylvania’s operators paid out about 92% of handle in their first month. Those in the Hoosier State held over 24% of handle during September.
While it’s likely that more than just Indiana residents placed bets during September, the same is likely true for both New Jersey and Pennsylvania in their first months. Residents of New York likely made similar trips as residents of Illinois, Michigan, and Ohio did.
To be fair, Indiana had the advantage of launching before the start of the NFL betting season, while NJ and PA began in slower betting months. However, that doesn’t take away from the impressive start in the Hoosier State.
Like Pennsylvania, mobile sports betting in Indiana did not roll out in its first month. That’s a great sign for future revenue reports.
October’s sports betting revenue report could dwarf September’s
The first two legal mobile sportsbooks in Indiana began accepting wagers on Oct. 3. The Indiana Gaming Commission confirms at least one more online sportsbook will launch in Indiana by month’s end.
The increased convenience means many more people could place bets more frequently. Online wagering also increases the likelihood residents of neighboring states, in which sports betting remains illegal, will cross the border.
A final factor that should have Indiana sportsbooks excited is the pending start of the NBA season. Kambi, a sportsbook software company that provides infrastructure for companies like DraftKings Sportsbook, says basketball is actually the most popular sport for US bettors.
All in all, it looks like the market for legal sports betting in Indiana will be huge. It’s just getting started, and the coming months will show the size of that potential.