Indiana: Sports Betting Handle Falls While Casino Revenue Rises in Jan.

Indiana: Sports Betting Handle Falls While Casino Revenue Rises in Jan.

Indiana sports betting

The amount of sports betting revenue in Indiana during January 2023 was lower than it had been during the same month in prior years, which is something of an outlier on a national scale.

On the other hand, Indiana’s casinos were able to more than makeup for that decline with a solid performance in other types of gaming throughout the month.

When compared to December 2022 and January 2022, casinos in the state of Indiana saw an increase in their overall win from both slot machines and table games.

This growth was adequate to make the casino industry in Indiana profitable, which is good news for those working in the sector.

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Indiana Casino Revenue from the Past and Present

On Friday, the Indiana Gaming Commission (IGC) released its report detailing the statistics for the month of January 2023. The slot machines and table games at the state’s 13 casinos brought in a combined total of 193.9 million dollars in revenue last year.

Slot machine revenue accounted for around 162.5 million dollars of that total.

The same gaming businesses gained $192.7 million over the previous month, representing an increase of less than one percentage point when compared to the previous month’s results. The numbers, on the other hand, appear to be improving when evaluated in comparison to those for the same month in 2022.

The slot machines and table games at Indiana casinos brought in a combined total of $179.3 million in revenue during the month of January 2022.

In light of this, the number for January 2023 reflects an increase of almost 7.6%. It’s to their credit that they did so well across the board, including in these categories. The activity of betting on sports did not contribute significantly to the cause.

Notable Decrease in Sports Betting Handle

It’s possible that the fact that the Indianapolis Colts were eliminated from playoff contention for the second season in a row dampened betting interest the previous month.

In the month of January 2023, Indiana sportsbooks, both online and physically based, reported taking in a total of 427.1 million dollars worth of wagers and 36.4 million dollars worth of revenue.

According to the information from the IGC, wagers placed on basketball were over $65 million more successful than wagers placed on football throughout the month. When it comes to this topic, comparisons from one month to the next and from one year to the next are typically cruel.

Indian residents placed wagers of $431.4 million on sporting events during the month of December 2022, and bookmakers reported taking in $42.7 million in revenue as a result of those wagers.

In January of that same year, total wagers amounted to $500.1 million, while revenue was $35.5 million. As a consequence, the majority of Indiana’s sportsbooks experienced losses during this time period.

January 2023’s volume traded was down compared to the previous month by 1% and lower compared to the previous year by 14.6%. Revenue during the month of January 2023 was down 14.8% compared to the previous month but was up 2.5% compared to the previous year.

When compared to the previous year’s figures, total wagers on football were around $27.6 million lower in January 2023 than they were in January 2022. Betting on football was much more unprofitable, losing an additional $45.6 million between December of the previous year and January of this year.

In spite of this, there is reason to be optimistic regarding the gambling industry in Indiana for the first month of the year 2023 after taking a look at the broader picture.

Indiana Sports Betting and Casino Forecast for 2023

Even though a drop of over 15% in revenue from sports betting from one month to the next can seem like a significant problem, it is essential to understand the role that sports betting plays in the larger context of casinos.

Most people only see it as a convenience and include it in their budget as an ongoing cost of doing business.

Slot machines are the lifeblood of casinos, whereas table games contribute a far smaller portion of the overall revenue.

If they make money off of sports betting, it will just be icing on the cake. When compared on an annual basis, the amount of money earned from slot machines at Indiana casinos increased by over $10 million.

Because of this factor, the gambling sector in Indiana is doing well and will likely continue to do so.

Despite the fact that 2023 has not gotten off to a very impressive start so far, casinos reported reasonable figures for the month of January that they may build on for the remainder of the year.

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About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.