In July 2023, the state of Indiana witnessed an interesting juxtaposition in its sports wagering sector. Even as the amount wagered, known as the handle, dipped slightly, the revenue derived from it saw an upward trend.
While consumers in Indiana shelled out $203.8m on sports bets in July, marking a 1.4% decline from the $206.6m of July 2022 and a significant 9.1% decrease from $224.1m in June this year, the state’s taxable adjusted gross revenue remarkably surged. It touched $23.3m, demonstrating an impressive 11.5% growth from the previous year and a notable 19.5% jump from June 2023’s $19.5m.
Betting Choices and Key Players
Hoosiers, the residents of Indiana, showed a strong preference for baseball, placing a whopping $69.4m in bets on the sport. Basketball followed with $12.6m, while parlay wagers and other sports attracted $56.2m and $62.9m respectively.
When it came to the big players in the state’s betting scene, Blue Chip Casino, in collaboration with FanDuel, stood out, raking in $8.3m in revenue from $62.9m in wagers. Following closely, Ameristar Casino and DraftKings clocked in $78.7m in bets but lagged slightly in revenue at $7.7m.
The third spot was clinched by Belterra Casino and partner FanDuel with a revenue of $2.4m from $19.4m in bets. Amidst these fluctuations, the state benefitted too, collecting a solid $2.2m in sports betting tax for the month.
Indiana’s Betting Revenue: Implications for the iGaming Industry
The recent developments in Indiana’s sports betting scene shed light on some broader trends for the entire iGaming industry:
- Revenue Resilience: A dip in the handle doesn’t necessarily correlate to a decline in revenue. Efficient operations and effective strategies can offset the effects of a reduced handle.
- Diverse Betting Options: The varied interests of bettors, from baseball to basketball and parlays, underscores the importance for operators to offer a diverse array of betting options. The introduction of crypto choices for US bettors, following 2023 iGaming trends, might increase revenues even further.
- The Role of Big Players: Key partnerships and collaborations, such as those between casinos and betting platforms, can have a major influence on the revenue dynamics of the industry.
Overall, Indiana’s July figures serve as a reminder that in the world of iGaming, not everything is as straightforward as it seems.