Indiana's Sports Gambling Revenue Rockets Past $100 Million in November
December 13, 2019
The pattern is becoming very familiar. A state approves sports betting and online gambling options. The sports betting community acts with great enthusiasm to drive the state's sports betting revenue past estimates in as little as 60 days. With online gambling sitting in the wings, the excitement for gamblers continues to build momentum. This is what happened in states like New Jersey and Pennsylvania.
Now, Indiana is following the same pattern. The state just reported sports betting revenue of greater that $100 million for the first time during November, the third full month that residents could legally bet on sports. The huge increase in November can largely be attributed to the access Indiana gamblers now have to online gambling options.
According to Dustin Gouker, lead analyst for PlayIndiana.com: “Once online betting begins, the market grows exponentially. Bettors overwhelmingly prefer the convenience and safety of online sports books, and the addition of DraftKings and FanDuel in October was like adding rocket fuel to Indiana’s sports betting industry. That is a pattern we have seen in New Jersey and Pennsylvania, in addition to other smaller legal jurisdictions.”
Out-of-State Bettors Boost Numbers
For the month of November, Indiana reported a combined $147.3 million in sports bets in November. That number shows a dramatic increase of 61% from the $91.7 million reported in October. Based on the November revenue and "win rate," the state was able to add close to $885,000 in tax revenue into the state coffers.
A closer look at the numbers makes clear that out-of-state gamblers are having a great impact on the numbers. With state's like Illinois, Kentucky, Ohio and Michigan still working to legalize sports within its borders, Indiana is the primary beneficiary of a population that says sports gambling has created pent up demand.
Gamblers Say Yes to Online Gambling
Based on the revenue numbers reported by online sports betting providers DraftKings, FanDuel, and BetRivers, it's becoming increasingly clear this is the option gamblers throughout the US really want. They want to gambler from the comfort of their living rooms or the local coffee shop with a mobile device.
For the month, the aforementioned online sports gambling providers accounted for 65% of the state’s total sports betting handle or a total of $96.2 million in digital bets. Based on the momentum experienced during the month, these percentage figure to become more dominate in the coming months. Wait until online casino gambling hits its stride.