Is Indiana Headed Towards Record Sports Betting Year in 2022?

When the U.S. Supreme Court lifted the nation's ban on sports betting in 2018, gambling industry experts expected to see sports bettors in most states truly embrace the chance to legally bet on sports. What no one seemed to be able to predict is the insanely huge betting handle numbers that are being reported by so many states across the nation.

A good example of how some states are blowing away sports betting handle and revenue predictions can be found in Indiana. As a reminder, the fine people of Indiana, Hoosiers as they are called, were able to start legally wagering on sports in September of 2019. After more than 2 1/2 years of taking mobile and retail sports bets, sports betting records are continuing to fall in Indiana.

As a case in point, Indiana bookmakers have reported that the sports betting handle for the first quarter of 2022 exceeded $1.485 billion. Here is how each month stacked up:

• January = $500 million
  
• February = $409 million
  
• March = $476 million
  

It's worth pointing out that at a "hold rate" of just 6%, Indiana bookmakers will have generated over $89 million in sports betting revenue. With a tax rate of approximately 10%, that's more than $8 million that will be going into the state of Indiana's coffers to be used for education and infrastructure improvements.

Of particular interest among gambling industry analysts was the $476 in sports betting handle that has been officially reported for March. That represents a 50% increase over the amount reported for the same month in 2021. Of course, much of the credit for March's number is being attributed to the betting associated with the 2022 March Madness NCAA College Basketball tournament. Yes, Indiana is a basketball state. However, it's amazing that one sporting event generated over $32 million in sports betting revenue for Indiana bookmakers.

Looking Ahead for the Rest of 2022

Big numbers are always expected in the first quarter of any sports betting year. The drivers during the first quarter are the NFL playoffs, the Super Bowl, and the aforementioned March Madness. The real tale of the tape should come in April.

If Indiana is to exceed the $3.8 billion reported for the year 2021, April should shine a light on the possibility of that happening. During April, the NHL and NBA are heading into the playoffs and MLB has officially gotten underway.

In April of 2021, the state's bookmakers only reported a little over $44 in sports betting handle. It's not a big number to beat given the current momentum of sports betting among Indiana residents. However, the state's sports bettors will have to do it with the Indiana Pacers (NBA) on the sidelines and minimal fan support for the St. Louis Cardinals and the Cincinnati Reds (MLB).

Of course, Indiana bookmakers don't have much competition in the way of online betting handle. As of now, the state has no plans to legalize online casino and lottery play.