Fewer sports, fewer bets: Indiana sportsbooks see wager, revenue drop
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A slow sports scene has contributed to a stale month for sports betting in Indiana as the state continues to come to terms with no longer being a sports betting refuge in the Midwest.
The drop is not huge cause for concern as the summer months typically spell lower revenue across the nation. The state is on pace for a $4 billion handle, according to analysts from PlayIndiana.com
The website reports the state’s sportsbook wagers decreased 21% as well as a 42% drop in total market revenue. May cashed in at $283.5 million in wagers and total revenue of $33.8 million, while June saw $224 million and $19.5 million.
May also had a 11.8% hold, which was the second largest since 2020. June saw a 8.7% hold.
One-third of June’s wagers were parlays, and baseball was the top betting item, reining in $65 million. The NBA Finals contributed to $24 million. Football with the NFL squarely in its offseason amounted to $1.6 million. The Stanley Cup and PGA Tour’s US Open was grouped into the remaining $51 million.
DraftKings and FanDuel hold the cards in the Indiana market with 70% of the months wagers.
Ohio and Kentucky both have legalized sports betting allowing its residents to wage bets in its own state lines. The revenue had been down year-over-year since Ohio’s emergence in the industry.