Indiana sports betting sees another dip in wagers
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Sports betting in Indiana saw a nearly 12% drop in May compared to the previous month with a total of $284 million in wagers.
May’s total was also 8.1% lower than the same month last year, and gaming analysts from PlayIndiana.com said the numbers mark the fifth consecutive month of yearly betting volume declines.
However, May’s wagers resulted in $33.5 million in monthly revenue, which was 14.3% higher than April and 5% higher than May 2022.
The majority of last month’s wagers came in the form of parlays, which is when a bet is placed on multiple outcomes to occur. According to DraftKings, in order for a parlay bet to win, all outcomes within the parlay must be selected correctly.
Indiana saw $79.4 million in parlay bets last month, up nearly 3% year over year. Basketball was the highest individual sport with $72 million in wagers, followed by baseball at $64.9 million.
PlayIndiana attributes Indiana’s sports betting declines this year to the maturity of sports betting in the state, as well as growing options in neighboring states.
However, May’s total was in line with start-of-year projections, according to analysts. PlayIndiana said the next two months are expected to be the slowest of the year for Indiana.