October saw the launch of online and mobile betting in Indiana, a move that has already begun to pay off. The state’s nascent but rapidly growing sports betting sector posted very impressive revenue results in that month. October was only its second month of fully regulated sports betting. To put this into perspective, the state posted a 161 percent handle increase over September to a whopping $91.7 million. The increase posted in October was almost triple the amount that was posted in September.
Clearly, Indiana is already on its way to becoming one of the top legal sports betting destinations in the US. In fact, it is already miles ahead of states like Kentucky, Michigan, Illinois, and Ohio. Keeping that in mind, it is pretty easy to see why it is being labeled as a potential capital for the Midwest’s gambling industry.
From the handle that the revenue report announced, the sports betting operators earned $11.5 million in adjusted gross revenue. Out of that, the state earned $1.1 million in tax revenue. Also, most of the handle came from football wagers which is not surprising considering the popularity of the sport in the US.
The state sports betting industry was dominated by three sportsbooks – BetRivers Sportsbook, DraftKings, and FanDuel. All three of them brought in a total of $48.01 million in sports bets and netted a total of $4.2 million. DraftKings is currently the undisputed market leader in Indiana since it posted the lion’s share of the revenue – this was a whopping $39.4 million. BetRivers Sportsbook and FanDuel posted $6.3 million and $2.4 million respectively.
More Growth Coming
As it turns out, of all the bets that were placed in Indiana, most were actually from new customers. DraftKings, for instance, revealed that 58 percent of its customers were actually new players. The number of new players will grow further thanks to the rather strategic position that the state is in.
To begin with, the state is surrounded by major markets where sports betting is yet to be legalized. Needless to say, this is a great advantage for Indiana as it is now able to benefit from lots out-of-state money. Moreover, it is incredibly simple for these out-of-state sports bettors to get in on some sports betting action. Since the bettors are not required to physically register at the retail sportsbooks, all they need to do is cross state lines to place bets on their favorite sports and teams.
That said, there is still more growth to come as the Indiana sports betting market continues to grow and mature.