Sports Betting Figures Improve in Indiana But Fell Short of $160 Million Estimates

Sports Betting Figures Improve in Indiana But Fell Short of $160 Million Estimates

Indiana experienced modest improvements in its sportsbooks handle in the month of May but fell short of the $160 million estimates put forth by PlayIndiana analysts.

Will things improve?

According to a lead analyst at Dustin Gouker, sports have to return in order to make short term recovery possible. He highlighted that the PGA Tour is expected to start this weekend. NBA and other major league sports are also expected to return soon. He said that the bottom line, for now, is that there is a ray of hope that the markets can stick to.

Sports Betting Figures Improve in Indiana But Fell Short of $160 Million Estimates

However, the effects of the COVID-19 pandemic won’t be gone with some short-term adjustments alone. Indiana and several of its neighboring states have dented their budgets in fighting with the pandemic and need more revenue boost than the beginning of this year. Sports betting could likely help them in filling their coffers enough to fill the gaps.

The online sportsbooks of the state accounted for the entire handle for the state in May, raking up $37.3 million. It was a strong 41.9% increased from its record-lows of $26.3 million in April. Wagers in the month brought a gross revenue of $3.2 million, which is double that of $1.6 million earned in April. It yielded $302,097 in tax revenue for the state. However, a more typical May sports action could have generated up to $200 million in betting handle according to PlayIndiana. The retail sportsbooks could have also generated up to $45 million in bets.

Bettors find more opportunities in May

As European soccer and NASCAR returned, bettors were able to find more opportunities because of which the state experienced a boost in the betting handle. The availability of well-known sporting events helped in improving bets on other events to $30.5 million. The figure was $21 million in April. analyst Jessica Welman said that online sportsbooks have remained resilient in these times. She said that operators have taken a creative approach to keep their bettors engaged, even if it meant bringing obscure and fringe sporting events at the forefront. Most sportsbooks have successfully weathered the storm.

Indiana may witness extra headwinds when sports get back to normal. This is because none of its neighbors have launched legalized online betting yet when it started its market last fall. Now Michigan and Illinois are both ready to launch their own markets and Ohio is also inching closer to its own legislation.

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.