Sports betting in Indiana continued to grow in January, the monthly revenue report from the Indiana Gaming Commission (IGC) revealed, making the first month of 2021 the fifth consecutive to break the previous high in revenues.
Another Record Month
Sportsbooks in the state generated $348.2 million in sports wagers in January, two times more compared to the $171 million generated in January 2020, and also beating the record high of $313 million from December.
Adjusted gross operator revenue, the measure the IGC implements to reflect on the net winning for sports betting operators, also posted a record high, $29.3 million, up from the $24.1 million for December 2020 and nearly two-and-a-half times more year-over year. Consequently, the state received $2.8 million in taxes from the gaming vertical.
85% of the sports betting handle, $296.5 million, were online wagers, while retail sportsbooks accounted for the other $51.7 million. The share of online wagering was up marginally from the 84% in December, while brick-and-mortar venues were up compared to the $47.4 million in January 2020.
DraftKings, FanDuel and BetMGM Complete Top Three
The partnership between DraftKings and Ameristar Casino topped the table, accounting for 35.2% of the total handle in Indiana with its $122.6 million, up from $112.7 million the month prior. Second was the FanDuel/Blue Chip Casino with $89.2 million, also up from the previous month handle of $78.2 million.
BetMGM/Belterra continued to grow, posting $52.4 million, up from the $41 million in the previous month and accounting for 15.1% of the state’s total, while in the retail market, Hollywood Lawrenceburg, Ameristar Casino and Horseshoe Hammond occupied the first three spots with $13.4 million, $9.6 million and $7.4 million, respectively.
The result seems even more impressive on the background of recent developments in neighboring states, as Michigan launched sports betting, while the sports betting market in Illinois is gathering speed and Ohio is preparing to introduce regulated sports wagering.
As Illinois and Michigan were two feeder markets for Indiana, gaming analysts argue, the state would have to rely almost entirely on resident bettors, but the market in Indiana is continuing to show signs it has not reached its full potential.
According to some projections, Indiana could reach more than $3 billion in total bets, $200 million in sportsbooks revenues and $20 million in taxes for the state, provided that the current rate of growth is maintained throughout 2021 and there are no significant disruptions to sporting calendars.
Generally, January tends to be flat compared to December, but the late start to the action from the National Basketball Association (NBA) made the month the first with regular games, including college basketball which settled into a conference-type schedule. And on top , Indiana is famous with its special interest in basketball.
Besides, January presented probably the most normal sports schedule since February 2020, and the monthly revenues report showed that Indiana, even with competition from Michigan and one feeder state less, is quite capable of standing on its own and perform well.