Indiana's Betting Volume Dips in June but Soaring Revenue a Welcome Result for Sportsbooks, According to PlayIndiana

LAS VEGAS, July 12, 2021 /PRNewswire/ -- Indiana's sports betting volume slipped below $250 million in June even as revenue jumped to more than $25 million, a welcome result considering the state's sportsbooks found little help from local events to drive interest in bettors, according to PlayIndiana, which tracks the state's gaming industry.

"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," said Jessica Welman, an analyst for the PlayUSA.com network, which includes PlayIndiana.com. "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."

Online and retail sportsbooks accepted $246.3 million in wagers in June, down 3.2% from $254.4 million in May, according to official reporting released Monday. Despite the drop, average betting volume remained at $8.2 million per day over the 30 days in June, equaling the 31-day average in May.

Sportsbooks generated $26.7 million in gross gaming revenue from June's wagering, which was up 48.5% from $18.0 million in May. Adjusted gross revenue came in at $25.5 million, yielding $2.4 million in state taxes.

The last three months — typically three of the slowest sports betting months of the year — have been a mixed bag for Indiana. Without meaningful year-over-year data to compare with, a product of market distortions caused by the pandemic, Indiana's start to the slow season in sports betting can be difficult to quantify. But Indiana's 22.2% decline from $316.7 million in March has so far been shallower than other Midwestern states with legal sports betting, including Iowa (down 31.1% from March to June) and Michigan (down 32.8% from March to May).

Some of that can be attributed to local boosts, including the Indiana Pacers appearance in the NBA's play-in round in May and the Indianapolis 500. The popularity of basketball in Indiana, which attracted $77 million in bets in June, has helped. But Indiana's maturity as a market has sheltered the industry from more dramatic seasonal shifts, too.

"In many ways, Indiana is a model U.S. 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."

In June, 88.7% of all bets were made online, totaling $218.4 million. DraftKings topped the online market once again by taking in $75.6 million in online bets, down from $81.8 million in April. June's bets produced $6.2 million in gross receipts. FanDuel remained close on its rival's heels with $64.2 million in bets, down from $79.3 million in May. Those bets yielded $9.1 million in gross receipts.

In its first full month of operation, Barstool's online sportsbook settled in sixth place with $10.4 million in bets in June. That produced a win of $33,167. And more competition is coming soon. The PlayUp Sportsbook recently gained market access via Caesars, and 888 will likely bring the Sports Illustrated-branded sportsbook to Indiana, too.

"As successful as Indiana's industry has been so far, it might be easy to forget that it is still maturing," Welman said. "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."

Retail sportsbooks generated the remaining $28.1 million in wagers, up from $26 million in May. Hollywood Lawrenceburg, nearest to Cincinnati, topped retail sportsbooks once again with $9.0 million in wagers, up from $8.4 million in June.

"The retail market is more driven by big event betting, which means it could be until football season before we see tangible growth again," Russo said. "But as pandemic-related restrictions disappear, and casino hours expand, the retail market is getting healthier by the day."

For more, visit PlayIndiana.com/revenue.

About the PlayUSA Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.

Contact:
Zack Hall, Catena Media, 775-338-0745, [email protected]

SOURCE PlayIndiana.com

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