The Indiana Gaming Commission (IGC) released the first sports betting financial report for Indiana casinos operating a sportsbook on Oct. 10, 2019, to reflect the figures from Sept. 2019. Sports betting revenue reports are released every month around the 10th and include information for the month prior.
Each casino is required to report its sports betting financials to the Commission, including:
- Handle (The total amount of bets accepted)
- Revenue (The sportsbooks’ earnings or the total amount remaining after paying winners)
- Taxes (9.5% of adjusted gross revenues payable to the state)
Sportsbooks in Indiana are required to use cash basis accounting methods.
Cash basis records transactions when cash is received or payments are made. The sportsbook records revenue when it accepts a bet. And records a loss when it pays out a bet.
It is important to understand that some bets, like futures, might be placed in one month and paid out in the next. Comparing monthly revenue figures to the sporting calendar will help create a better picture of a sportsbook’s performance.
Revenue for Indiana Sports Betting by Operator Since Launch
| Casino | Handle | Mobile Sports Betting Revenue | Retail Sports Betting Revenue | Total Sports Betting Revenue | Taxes (9.5%) |
|---|---|---|---|---|---|
| Total | $35,215,416 | N/A | $8,558,974 | $8,558,974 | $813,103 |
| Ameristar | $5,411,479 | N/A | $1,275,909 | $1,275,909 | $121,211 |
| Belterra Casino | $709,219 | N/A | $133,352 | $133,352 | $12,668 |
| 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 |
| Horseshoe Hammond | $8,980,989 | N/A | $2,080,417 | $2,080,417 | $197,640 |
| Indiana Grand Casino** | $3,621,627 | N/A | $764,908 | $764,908 | $72,667 |
| Tropicana Evansville | $1,067,650 | N/A | $301,231 | $301,231 | $28,617 |
| 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.
Recent sports betting revenue for IN sportsbooks
The IN sports betting revenue report is updated every month. The page was updated on Oct. 10, 2019, and reflects information through Sept. 30, 2019.
| Casino | Handle | Mobile Sports Betting Revenue | Retail Sports Betting Revenue | Total Sports Betting Revenue | Taxes (9.5%) |
|---|---|---|---|---|---|
| Total | $35,215,416 | N/A | $8,558,974 | $8,558,974 | $813,103 |
| Ameristar | $5,411,479 | N/A | $1,275,909 | $1,275,909 | $121,211 |
| Belterra Casino | $709,219 | N/A | $133,352 | $133,352 | $12,668 |
| 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 |
| Horseshoe Hammond | $8,980,989 | N/A | $2,080,417 | $2,080,417 | $197,640 |
| Indiana Grand Casino** | $3,621,627 | N/A | $764,908 | $764,908 | $72,667 |
| Tropicana Evansville | $1,067,650 | N/A | $301,231 | $301,231 | $28,617 |
| 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 |
2019 IN sports betting revenue
| Casino | Handle | Mobile Sports Betting Revenue | Retail Sports Betting Revenue | Total Sports Betting Revenue | Taxes (9.5%) |
|---|---|---|---|---|---|
| Total | $35,215,416 | N/A | $8,558,974 | $8,558,974 | $813,103 |
| Oct. 2019 | $35,215,416 | N/A | $8,558,974 | $8,558,974 | $813,103 |
| Nov. 2019 | TBA | TBA | TBA | TBA | TBA |
| Dec. 2019 | TBA | TBA | TBA | TBA | TBA |
Initial sports betting revenue projections
The IGC hired, Eilers & Krejcik Gaming, a leading research and gaming consulting firm to analyze the potential for legal and regulated sports betting in Indiana. The report was used as information as the bill legalizing sports betting was debated in the Assembly during the 2018 legislative session.
The report forecasts retail and mobile sports betting revenue, as well as the economic impact of sports betting on the state.
Several factors were analyzed to formulate the projections, including:
- Various gaming markets – both domestic and international
- The regulated gambling market in Indiana
- Indiana’s current economy
- Survey of area residents
Additionally, the projections assume the following from bill H1325 from the 2018 legislative session:
- Licenses limited to the 13 Indiana commercial casinos
- Retail and mobile betting would be available
- There would be an initial license fee of $75,000 plus a $5,000 annual administrative fee
- Online sportsbooks would pay a $10,000 initial license fee plus a $5,000 annual fees
- A flat 9.25% tax rate on gross sports betting revenue
Most of what was in the original bill made it to the final version and ultimately to the sports betting regulations.
There is one major difference in the licensing fees, however. Currently, there is an initial $100,000 license fee with a required $50,000 annual renewal payment.
The projections for the first five years of Indiana sports betting:
| Retail Sports Betting Revenue | Mobile Sports Betting Revenue | Total Sports Betting Revenue | |
|---|---|---|---|
| Year 1 | $30.1 million | $26.1 million | $56.2 million |
| Year 2 | $90.1 million | $78.4 million | $168.5 million |
| Year 3 | $120.2 million | $104.4 million | $224.6 million |
| Year 4 | $108.1 million | $135.8 million | $243.9 million |
| Year 5 | $102.1 million | $154.0 million | $256.1 million |
The predictions account for market maturity in Year 3 and sports betting to be legalized in neighboring states soon. Legalization in neighboring states is important because Indiana is likely to draw out-of-state bettors across state lines to place bets. The likelihood of that increases as mobile sports betting launches.
Luckily for Indiana, a retail-only sports betting market isn’t a reality. The report indicated that a retail-only market would peak after three years and only earn about 46% of a combined retail and mobile betting market.