Sports Betting Sees Another Sharp Drop in Indiana
Legalized sports betting in Indiana began in September 2019. (IIB Photo/Wes Mills)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana sportsbooks last month generated their lowest monthly revenue total since sports betting began in Indiana last October. The state saw $26.3 million in sports wagers in April, a nearly 65% drop from the previous month.
The April numbers follow the 60% drop in March’s sports wagering revenue.
The numbers come as Hoosier casinos remain closed due and most major sports leagues remain shut down to the COVID-19 pandemic. Dustin Gouker, chief analyst for PlayIndiana.com, says the April results are shocking, but not surprising.
“Bettors have very few places to turn in Indiana,” said Gouker. “In some states, online casinos have driven significant revenue. But that isn’t possible in Indiana. So the industry’s results will continue to be grim until the sports world figures out a way to reopen.”
Indiana’s April wagers produced $1.6 million in adjusted gross revenue, down from $5.5 million in March. That yielded $148,189 in tax revenue for the state.
Because the casinos were closed in mid-March, Indiana’s entire sports betting handle came from online sportsbooks, with DraftKings/Ameristar Casino in East Chicago leading with $13.6 million in bets, followed by FanDuel/Blue Chip Casino in Michigan City with $9.7 million.
The website says Indiana did benefit from being the first state to allow betting on professional sports drafts, with the NFL and WNBA drafts taking place last month.
“The shut down of sports has led to some creativity by Indiana’s bookmakers, and that creativity was rewarded with interest in the NFL Draft,” said Jessica Welman, analyst for PlayIndiana.com. “Even though Indiana has missed out on some opportunities, regulators have at least been nimble enough to allow some unconventional ideas.”