Indiana Sports Betting Handle Suffers Massive Drop

Indiana Sports Betting Handle Suffers Massive Drop

Pandemic-related shutdowns have made several state sportsbooks suffer. Indiana is the latest state to join the list with sports betting handled falling by over 60% in April.

A massive drop in betting handles

According to recently released figures from the Indiana Gaming Commission, sports betting handle in April declined by 65% in the state. The sportsbooks managed to get only $26.3 million during the month via mobile betting options. This is because casinos, and their land-based sportsbooks, have been closed due to the coronavirus pandemic since March 16. In March, the state reported a betting handle of $74.8 million.

Indiana Sports Betting Handle Suffers Massive Drop

Mobile betting suffered during the month as well, marking a 57% fall on a month-on-month basis. The sports betting numbers were down by 86% during the month. In February, the betting handle was $187.2 billion. This is primarily because of shutdowns and cancellations of prominent sporting events owing to the pandemic.

Bettors are still finding opportunities

Despite the complete lack of major sporting events, bettors managed to make things work in their favor. One of the biggest betting events during the pandemic was late April’s NFL Draft where LSU quarterback Joe Burrow became the first overall pick for the Cincinnati Bengals. Vice president of US business at Gambling.com Group, Max Bichsel said that this event generated a lot of betting activity. He said,

“With major sports on hiatus, Indiana bettors were left with only the NFL Draft and obscure sports like handball and table tennis.”

“Other” sporting categories generated $21 million in the state during April. This may include events like NASCAR iRacing, table tennis, and handball, etc. Bichsel said that football alone recorded $1.3 billion in bets, a majority of which came via the NFL Draft. Russian table tennis and Belarusian football also gained bettor attention. Korean and Taiwanese baseball alongside German soccer could help in raising the sports betting figures in the weeks to come.

Under ordinary circumstances, betting in the state could be around $80 million in the month of April. However, the pandemic has slashed that figure by two-third. Casinos in Indiana generated about $148,000 in tax revenue for the state. In February, the total tax revenue was $60 million which included a $1 million contribution from sports betting.

Penn National Gaming’s Hollywood Casino Lawrenceburg handled $449,000 in sports bets during April. This may include mostly future bets because the property didn’t make any revenue.

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About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.

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