Indiana sees sportsbook revenue grow in June
News comes as the state’s total sport betting volume fell in the same month.
Indiana’s sports betting revenue jumped to above $25m in June despite a lack of sporting events and a vetting volume that fell below $250m. According to PlayIndiana, this can be considered a success due to a lack of local sporting events.
Jessica Welman, an analyst for the PlayUSA.com network, which includes PlayIndiana.com, said: “With the early exit by the Pacers from the NBA Playoffs and with no event comparable to the Indianapolis 500, a relatively low-volume month is no surprise. Overall, Indiana’s sportsbooks have performed well over the last three months compared with other Midwestern states, which have so far experienced steeper declines in betting volume.”
According to data released on Monday, online and land-based sportsbooks accepted a total of $246.3m in wagers throughout June, a 3.2% decrease from the $254.4m recorded in May.
This total reflects an $8.2m per day average betting volume, the same number Indiana saw for May.
Gross gaming revenue for sportsbooks was up in June, however, seeing sportsbooks generate $26.7m, up 48% from the $18m earned in May, which will yield $2.4m in state taxes.
“In many ways, Indiana is a model US sports betting market,” said Nicole Russo, analyst for Playindiana.com. “Its regulatory structure continues to foster a healthy, competitive industry — one that manages the seasonal swings of sports betting better than most, and allows it to grow even as competition from neighboring states expands.”
Of the bets, 88.7% were made online, down 1% from the previous month. DraftKings was the most profitable platform in Indiana, taking in $75.6m in online bets, producing $6.3m in gross receipts. This is a $2.9m increase from May.
FanDuel came in second with $64.2m in gross receipts.
June was also Barstool’s first fully operational month in the state and it saw the sportsbook come in as this sixth most profitable platform with $10.4m in bets.
Welman added: “As successful as Indiana’s industry has been so far, it might be easy to forget that it is still maturing. Well-known brands like Barstool, which is already building a following, and Sports Illustrated will help the market grow. The bottom line is that the best days for Indiana are still ahead.”
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