Sports Betting Debut Month in Indiana Exceeds Expectations By Bringing $35m in Revenues

A collective $35.2m in sports wagers was processed in Indiana by licensed operators during the first full month of regulated sports wagering in the state.

The regulated market opened on September 1, and its debut month showcased great results –adjusted gross amounted to $8.6m, with the state collecting $813,103 in sports wagering taxes.

By some margin, American football was the choice of the majority of sports bettors, with players wagering a total of $20.7m in September.

Parlay bets followed closely with a handle of $9.8m, while baseball attracted $3.4m in wagers last month.

After a lot of delays, Indiana governor finally signed the sports betting bill in May, and from the first day in September this state officially opened its sports betting market.

The Most Popular Betting Venues

Three betting venues in the state were in the focus of players:

• The Caesars Entertainment-operated Horseshoe Hammond – Judging by the numbers, this was the venue of choice for players in September. With its sportsbook processing $9.0m in bets and posting state-high adjusted gross revenue of $2.1m, Horseshoe Hammond rose to the first place amongst the Indiana casinos.
• The Penn National Gaming-run Ameristar Casino East Chicago – Came second in of handle. This venue took $5.4m in wagers and recorded an adjusted gross revenue of $1.26m. Its sister brand, The Penn National-operated Hollywood Lawrenceburg – posted adjusted gross revenue of $1.2m off a handle of $5.2m.
• Harrah’s Hoosier Park – Despite a lower handle of $4.3m, this venue had a higher adjusted gross revenue of $1.30m compared to The Penn National. Still, these figures included its associated off-track betting facilities in Indianapolis and New Haven.

No other venues recorded an adjusted gross revenue higher than $1m, but the Penn National-operated Blue Chip Casino came very close – $957,470 from $3.9m wagered.

Predictions for October Promising as New Operators Are Flocking

After its September debut, Indiana’s sports betting handle could be set for a boost in October. After a number of operators rolled out online and mobile sportsbook services this month, the expectations are high.

Both Rush Street Interactive with the French Lick Casino Resort and DraftKings in partnership with Ameristar Casino are now live in the state.

Meanwhile, sports betting and daily fantasy sports operator FanDuel has signed a partnership agreement with Indiana-based National Football League franchise the Indianapolis Colts.

Throughout the 2019-20 season, FanDuel will serve as the official fantasy sports partner of the Colts. The brand will also work with the team to engage new and existing fans, using a range of marketing assets such as in-stadium digital signage and in-game promotions, as well as digital, radio, and TV advertising.

“As we continue to expand our nationwide footprint, we are always looking for ways to engage sports fans throughout the country, and specifically in the Midwest. Indianapolis is home to a loyal fan base and we’re excited to again partner with the Colts organization, allowing us to further reach these ionate fans,” said Matt King chief executive of FanDuel who recently teamed up with MLB also.

Roger VanDerSnick, chief sales, and marketing officer of the Colts, also express enthusiasm for partnering up with FanDuel:

“The Colts always are looking for new ways to engage with our fans, and fantasy sports have long been an avenue for fans to follow the Colts, pro football and their favorite players across the league.

We’re very pleased to come together with FanDuel to make our fan experience the best it can be during the season and year-round,” he added.

It the trend of the debuting month continues, the Indiana sports betting market will attract even more operators who will operate under the watchful eye of the Indiana Gaming Commission.

Source:

“Indiana sports wagering handle hit $35m in debut month”, igbnorthamerica.com, October 11, 2019.