Indiana just passed its two-year sports betting anniversary.
Things have come a long way since Gov. Holcomb placed the first bet back in September 2019. There have been a lot of changes, even compared to this time last year.
Hoosiers have wagered over $4 billion on sports since wagering began. That hass translated to over $30 million in taxes for Indiana, and over $330 million in revenue for the sportsbooks themselves.
Indiana’s market is one of the largest in the country, and it isn’t going anywhere.
Holding off the sports betting competition
One of the biggest challenges for Indiana’s market over the past year was dealing with some new neighbors.
Michigan added online sports betting back in January of this year.
With Michigan gamblers no longer willing to travel to Indiana to bet, that launch could have taken a bite out of Indiana’s industry.
Instead, the Hoosier State managed to hold its own.
Out of the states that have reported numbers so far, Indiana’s July sports betting handle is in the top five for the entire US.
- New Jersey: $578 million
- Nevada: $410 million
- Pennsylvania: $304 million
- Michigan: $206 million
- Indiana: $194 million
Illinois will eventually slide past Indiana with its next revenue report. Colorado might end up doing the same.
Regardless of the rankings, Indiana has still done a phenomenal job of keeping up with the pack over the past year. That rings especially true when it comes to competing with Michigan, and even more so when it comes to Illinois.
With such a huge sports betting market next door, Indiana’s numbers could have taken a real hit from the Chicago area. The state might not have a Midwest monopoly anymore, but its resiliency has proven that Indiana sports betting isn’t going anywhere.
Sportsbooks fuel Indiana’s growth
A big part of keeping Indiana’s market competitive has been the addition of new companies into the state.
Right now, Hoosiers have 12 different legal online sportsbooks that they can pick from.
Four of those betting apps have opened for business in the past year alone.
Toss in BetAmerica rebranding to TwinSpires, plus William Hill rebranding to the new Caesars Sportsbook, and there have been plenty of changes on the operator side of things.
Giving gamblers options helps keep things competitive in the state.
There are all sorts of new promotions and odds shuffling in across the different sportsbooks, which is great for giving bettors some variety. That type of diversity will continue to be a big part of the Indiana’s future.
What’s next for Indiana sports betting?
Much like the past year, the next year for Indiana’s sports betting market will be all about new operators.
The following companies are already on their way to the Hoosier State:
- SBK Sportsbook
- SI Sportsbook
- fubo Sportsbook
Many of those sportsbooks are hoping to start taking bets before the end of 2021.
That continued growth will be important, but the increased competition isn’t going away either.
Indiana got a bit of a break when Illinois removed online sportsbook registration earlier this year.
You can’t use Indiana as a workaround for that, which may keep a few Illinois gamblers traveling across the border to place their bets for now.
However, that situation isn’t going to last forever. If Illinois changes course, then Indiana will have a lot more to deal with from next door.
Indiana’s market has already proved that it can handle the competition, but the developments in nearby states like Illinois and Ohio are still notable.
Regardless, Indiana’s sports betting industry still has some room to grow. The state could hit a new all-time monthly record this fall now that football is back.
January’s $348 million haul is the current record holder. That’s the number to beat, and Indiana will have it in the crosshairs going forward.
Reaching a new peak would show that Indiana’s market is still on the uptrend. With more sportsbooks than ever to pick from, that’s never been more likely than it is today.