Indiana sports betting industry had been alive and kicking throughout September, thanks mainly to the return of the NFL. 

On Wednesday, October 13, the state released its monthly report detailing the record-breaking numbers generated by Indiana’s retail and online sportsbook sectors.

Indiana sports betting industry booming

With the top pro-football league making a comeback after a long offseason, retail and online sportsbook combined for an all-time high of $355.4 million in wagers and $3.3 million in revenues.

The record-breaking numbers in September set a new benchmark for the state’s sportsbook industry, eclipsing the previous high of $348.2m in January and the revenue of $207.5m earned in September of 2020 by 71.3 percent. Moreover, the jump from $215.5 million in revenue in August to reaching the said figure a month later represents a 64.8 percent month-to-month increase.  

September also witnessed a significant rise in the size of a betting transaction daily. According to the data, retail and online sportsbooks transacted $11.8m per day throughout September from $7m in August. The state only generated $6.9 million worth of betting transactions throughout September of that year.

Gross gaming revenue also peaked at $33.3m, surpassing the previous high of $31.7m set in January. September’s revenue also increased by 196.4 percent from $11.2 m in September 2020 and 99.4 percent from $16.7m in August. 

As a result of robust business month-long, the taxable revenue grew to $33.9m, with Indiana netting $3.3 million in state taxes.

The strong run in September reflects the growth of Indiana’s sports betting industry throughout the year. Indiana’s combined sportsbooks revenue from the retail and online platform through the first nine months of 2021 have already yielded $2.4bn in wagering and $206.6m in gross gaming revenue. With still three months left in the year, this figure already surpassed the $136.4m in revenue on $1.8bn wagered the state sports betting industry generated in 2020.

Online betting accounted for $320.1 million or 90.1 percent of September’s handle. DraftKings controls the bigger percentage of the market, transacting $130.4m handle in September and yielding 7.2m in gross receipts. 

FanDuel came in second among sports betting operators in the state of Indiana with $77.2m in online wagering and $10.6m in gross receipts – the highest in the state.

As for retail sportsbooks, physical stores raked in $35.3m in wagering in September, which marks an improvement from $20.4m in August. Hollywood Lawrenceburg remains the top retail sportsbook brand in Indiana with $11.5m in wagers.

Quotes from the Press Release

Nicole Russo, an analyst for PlayIndiana, described how operators capitalized the surging interest in betting, which coincides with the opening of the new NFL season. The analyst also predicted an all-out bidding war among these operators to secure a crucial sponsorship deal with the state’s pro-football darling, the Indianapolis Colts.   

“Operators use the increased interest in betting that inevitably comes with football season to increase brand awareness and eventually carve out market share,” stated Nicole Russo, an analyst for PlayIndiana.

“With so many brands operating in Indiana, the competition for deals with other high-profile brands like the Colts are fierce, but they can help boost visibility.”

Eric Ramsey, an analyst for the PlayUSA, also provided an optimistic industry forecast, which he believes will reach within the ballpark of 4 billion at the end of the year.

 “The bar has been set much higher for Indiana’s sports betting market and could double the wagering from last year,” said Eric Ramsey, an analyst for the PlayUSA. 

“Indiana remains one of the five largest sports betting markets in the country, and the growth is showing few signs of letting up at this point. Sportsbooks should approach $4bn in wagers for the year.”