Indiana online gaming set a new record for gross revenue in November

Indiana online gaming set a new record for gross revenue in November

Indiana had seen gross income for November shatter its previous record, surging to $47.1 million, a rise of 86.7 percent from $25.3 million in November 2020. 

Overtaking September’s record $33.2 million, November’s GR increased 71.2 percent from $27.8 million in October, generating a record $47.7 million in taxable revenue, which generated $4.5 million in state taxes – another new highwater milestone for the Hoosier state.

In addition, online betting generated $422.9 million, or 91.20 percent, of November’s total. The remaining $40.8 million came from retail betting.

Indiana Sports Betting Handle Suffers Massive Drop

Indiana Casino’s top brands

DraftKings surpassed all other online operators in the state, with bets totaling $166.2 million, up from $150.7 million in October. The month’s wagers generated $12.6 million in gross earnings, increasing $7.8 million in October. FanDuel finished second in the state, with online wagering totaling $109.8 million, down from $113.3 million in October. These wagers still generated a state-record $15.6 million in total earnings, an increase over the previous month’s $9.2 million.

With $12.7 million in wagers, Hollywood Lawrenceburg leads Indiana’s retail books. It was a decrease from October’s $15.6 million. Additionally, the facility is claimed to have grown to become one of the top-grossing retail sportsbooks in the United States, mainly owing to its proximity to Cincinnati. However, as Ohio moves closer to legalization, Indiana’s online and brick-and-mortar casinos may soon find themselves unable to rely on their eastern neighbors to grow to wager.

Indiana’s GR record comes in the same month that the state barely set a third consecutive monthly betting record with more than $463 million in wagers. PlayIndiana anticipated additional documents throughout the winter due to college basketball joining football and festive NBA matches.

According to official reports issued Friday, online and retail sportsbooks generated $463.7 million in wagers in November, increasing 84.4 percent from $251.4 million in November 2020. The month’s total even surpassed October’s $461.1 million total, boosted by five consecutive weekends of college football and the NFL.

Bettor activity increased to $15.5 million per day for the 30 days of November, up from $14.9 million per day over the 31 days of October. Indiana’s sportsbooks have earned $419.2 million on $3.4 billion in wagers thus far this year, surpassing the $3 billion barriers for the first time.

Quotes from the Press Release

“Obviously, 2020 was an outlier year, but Indiana’s year-over-year increase has been stunning thus far,” said Eric Ramsey, a PlayUSA analyst.

“December and January have historically been the busiest months of the football season in the state. As a result, the greatest months are almost certainly yet ahead.”

“The state’s sportsbooks had survived similar situations in the past when Illinois and Michigan legalized sports betting,” said Jake Garza, an analyst at PlayIndiana.

“Each time, Indiana has thrived despite the loss of out-of-state wagering. The Indiana market is more than capable of self-sufficiency.”

“Bachelors and professional basketball betting are more popular in Indiana than practically any other legal sports betting market in the United States,” Garza noted. “Indiana’s best months are often when college basketball, the NBA, and the NFL are in full swing. And with Purdue ranking among the nation’s top and Indiana off to a strong start, bettors are especially motivated to wager on college basketball this year.”

Avatar

About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.