LAS VEGAS, March 10, 2020 /PRNewswire/ -- The Super Bowl
helped Indiana's retail and online
sportsbooks post a February that landed another monthly record. And
with March Madness ahead and new online casinos launching,
Indiana is positioned to weather
the launch of retail sports betting in Michigan and Indiana, according to analysts from
PlayIndiana.com.
"Indiana's market continues to
mature, including the launch of more online sportsbooks, even as
the football season ends," said Dustin
Gouker, lead analyst for PlayIndiana.com. "The state has a
near-perfect storm of success and will continue to be among the
shining stars in legal sports betting even as neighboring states
move to legalize sports betting."
Indiana's February handle hit
$187.2 million, up 9.6% from a
then-record $170.8 million handle
generated in January, according to official reporting released
Tuesday. February produced $11.1
million in adjusted gross revenue, down 15.9% from
$12.9 million, yielding $1.1 million in state taxes.
Bettors placed $11.6 million in
bets on football, almost entirely on the Super Bowl. And basketball
generated $90.2 million.
"The Super Bowl was the single most significant event in
February, but Indiana has done
exceptionally well with basketball," said Jessica Welman, analyst for PlayIndiana.com.
"That balance is helping Indiana
avoid a post-football slump, which is common in jurisdictions such
as Nevada."
Indiana's market advantages,
most notably its ability to attract out-of-state bettors, have
continued to hold, too. None of Indiana's neighbors have launched legal online
sports betting yet, and because Indiana does not require in-person
registration for mobile users, the Hoosier State can easily
capitalize by allowing out-of-state bettors to simply cross the
state line.
Indiana will remain a friendly
neighbor for sports bettors for the foreseeable future.
Illinois and Michigan have legalized sports betting, each
launching retail betting this week. That will have some impact, but
it should be blunted without an online component in either state.
And progress toward legalizing sports betting has stalled in both
Kentucky and Ohio.
"Indiana's relationship with
out-of-state bettors takes many forms, ranging from those who cross
the border to make bets at nearby land-based sportsbooks to those
who hop over the state border in cars and place bets by phone,"
Welman said. "Indiana's
sportsbooks have been aggressive in attracting that business, of
course. It won't last forever, but Indiana should enjoy the advantage while it's
there."
Online sportsbooks generated $145.9
million in bets in February, or 77.9% of the state's handle.
And more sportsbooks came online with the Feb. 25 launch of BetMGM and the March 5 unveiling of PointsBet/Hollywood
Lawrenceburg.
In February, DraftKings/Ameristar Casino led the online market
with $74.1 million in bets, up from
$66 million in January. That
generated $5.7 million in gross
receipts. But FanDuel/Blue Chip Casino continued to gain ground on
its rival, tallying a $63.8 million
handle in February, up from $49.5
million.
Horseshoe Hammond led the
retail market with a 12.4 million handle, down from $13.7 million in January, outpacing Hollywood
Lawrenceburg ($6.8 million) and
Ameristar Casino ($5.9 million).
"The successful partnership between DraftKings and Ameristar
Casino in East Chicago, which
generates the largest combined online and retail handle,
crystalizes Indiana's market
advantages," Welman said. "The DraftKings app was first to the
market, and its ease of use has kept it on top. Meanwhile,
Ameristar continues to draw heavily from the Chicago market."
For more revenue information, visit PlayIndiana.com/revenue.
About the PlayUSA.com 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.
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SOURCE PlayIndiana