PointsBet will become Indiana’s sixth online sportsbook. The Indiana Gaming Commission (IGC) gave the sportsbook the green light today.
With that approval finally in hand, PointsBet will be open for business throughout the state starting March 5.
PointsBet received its temporary vendor license from the IGC back in January. The sportsbook was hoping to come online in Indiana before the start of March Madness and the big uptick in college basketball betting.
Since it’s been able to hit that goal with over a week to spare, PointsBet will be in the mix for trying to rack up some business from the tournament.
DraftKings, FanDuel, BetRivers, BetAmerica, and BetMGM will be PointsBet’s competitors in that regard once it officially launches.
Indiana will be the third state that the Australia-based sportsbook will be launching in, joining Iowa and New Jersey.
PointsBet partnered with Hollywood Casino Lawrenceburg
Hollywood Casino in Lawrenceburg, Indiana is PointsBet’s land-based partner.
Last year, PointsBet signed a deal with casino operator Penn National. Since Penn owns Hollywood Casino, that means that PointsBet will be running the sportsbook for the next 20 years.
The retail sportsbook is already open at Hollywood Casino, but PointsBet will be taking over things, in addition to running the online show. That’s a transition that will probably happen soon, now that PointsBet is ready for its online launch.
PointsBet and Hollywood Casino are in a strong spot
Despite not having an online sportsbook up and running, Hollywood Casino still had the fifth-highest handle out of all of Indiana’s casinos during January.
The nearly $8 million it brought in during that time almost beat out the combined efforts of French Lick Casino and its online partner BetRivers.
Where French Lik really differs from Hollywood is how much revenue comes from online betting. About 94% of French Lick’s handle in January came from BetRivers.
Since Hollywood Casino hasn’t had an online sportsbook until now, all of its business has come through the retail side of things.
For the sake of comparison, Hollywood Casino only brought in $40,000 less than BetRivers did throughout the entire state in January. That’s how strong of a retail player it is.
The casino’s proximity to Ohio has certainly helped it achieve that status. Hollywood Casino is also only half an hour away from Cincinnati, OH. That’s put it in a great spot to help draw in customers from outside the Hoosier State.
Now that PointsBet is finally ready for action, that’s only going to boost Hollywood Casino’s handle.
PointsBet will get a boost from NBA partnership
Indiana is the heart of basketball country. The state brought in almost $60 million in January from basketball bets alone.
That number likely increased in February, although there’s no way to know for sure until the IGC releases the revenue report for that month.
PointsBet’s partnership with the NBA will help put it in position to take advantage of that. The company even hired Hall of Fame guard Allen Iverson to be a company ambassador.
Moves like that add to the sportsbook’s brand recognition.
However, PointsBet isn’t the only company looking to make the most out of Indiana’s love affair with basketball.
DraftKings has already struck a deal to become the official sportsbook of the Indiana Pacers.
Since the Pacers are the only NBA team in the state, that gives DraftKings a leg up on the competition.
Even without the Pacers in tow, PointsBet’s partnership with the league as a whole will still be beneficial.
It’ll be one tool to help PointsBet and Hollywood Lawrenceburg elbow their way past some of Indiana’s other casinos to become a top player in the state.