Trending...
- Circus Circus Las Vegas Debuts Summer Pricing for Adventuredome, Carnival Midway
- Utah Metal Fabricator Titan Forge Builds Momentum with Custom Steel Projects and Spiral Staircases
- Jason Koch: Pioneering the Future of Real Estate Development in New Jersey
LAS VEGAS, Feb. 12, 2021 /PRNewswire/ -- Indiana sportsbooks opened 2021 with another impressive month, setting the state's wagering record for the fifth consecutive month with nearly $350 million and posting a new high in revenue. January's strong showing, which came as neighboring Michigan launched sports betting, is more evidence that Indiana is far from reaching its ceiling and capable of generating more than $3 billion in bets in 2021, according to analysts from PlayIndiana.
"This will be a particularly important year for Indiana's sports betting industry," said Jessica Welman, analyst for PlayIndiana.com. "Illinois and Michigan, which were two feeder markets in the early days of sports betting in Indiana, will continue to grow. And Ohio is moving toward regulating sports betting, too. So sportsbooks will increasingly have to rely on in-state bettors. That said, the market continues to prove more than capable of standing on its own."
Indiana sportsbooks accepted $348.2 million in wagers in January, according to official reporting released Friday. That is up 103.9% from $171 million in January 2019 and topped the previous record of $313.1 million set in December.
More on nvtip.com
January's wagering resulted in a record $29.3 million in adjusted gross operator revenue, up from $12.2 million in January 2019. The month's bets yielded $2.8 million in state taxes.
If the growth continues through 2021, the state could top $3 billion in bets, more than $200 million in revenue, and $20 million in state taxes, according to PlayIndiana projections.
"Assuming we don't have any interruptions in the sports schedule like in 2020, a new high is almost assured in 2021," said Dustin Gouker, analyst for PlayIndiana.com. "The biggest question is how much higher? That depends in large part on how well the market responds to increasing competition from its neighbors."
The NBA season enjoyed its first full month of games while college basketball settled into a more robust conference. Bettors responded with $133.2 million in wagers on basketball, accounting for 38% of the state's handle. Plus, January got a boost from an expanded NFL playoffs with two additional games over Wild Card weekend, including one with the Indianapolis Colts, which helped football draw $77.6 million in bets.
"Aside from the NFL's expanded playoff, January was perhaps the most normal sports schedule since February 2020, offering our best gauge yet of where Indiana is as a market," Welman said. "Even with increased competition from Michigan, which launched in late January, Indiana's sportsbooks continue to perform well. Indiana's significant interest in basketball differentiates the market from many in the U.S., and offers a positive sign for a market that is increasingly local."
More on nvtip.com
Online betting generated 85.1% of January's handle, or $296.5 million. DraftKings/Ameristar Casino accounted for 35.2% of the state's January handle with $122.6 million in bets, producing $9.4 million in gross receipts. FanDuel/Blue Chip Casino was second with $89.2 million in bets, and BetMGM/Belterra was third with $52.4 million.
Retail sportsbooks produced $51.7 million in January wagers, up from $47.4 million in January 2020. Hollywood Lawrenceburg, nearest Cincinnati, led the retail market with a $13.4 million handle.
"A year after launching, BetMGM has quietly become a major player in the state," Gouker said. "DraftKings and FanDuel continue to be the dominant forces, but having more operators challenge the top is ultimately good for consumers."
For more information, visit PlayIndiana.com/revenue.
About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.
Contact:
Zack Hall, DVA Advertising & PR, 541-389-2411, [email protected]
SOURCE PlayIndiana.com
Related Links
http://PlayIndiana.com
"This will be a particularly important year for Indiana's sports betting industry," said Jessica Welman, analyst for PlayIndiana.com. "Illinois and Michigan, which were two feeder markets in the early days of sports betting in Indiana, will continue to grow. And Ohio is moving toward regulating sports betting, too. So sportsbooks will increasingly have to rely on in-state bettors. That said, the market continues to prove more than capable of standing on its own."
Indiana sportsbooks accepted $348.2 million in wagers in January, according to official reporting released Friday. That is up 103.9% from $171 million in January 2019 and topped the previous record of $313.1 million set in December.
More on nvtip.com
- Josh and Heidi Follow Up the Much Anticipated and Successful Launch of the "Spreading the Good BUZZ" Podcast with a Personal Request
- Travel Trailblazers: Top Global Finalists Shortlisted for Trip.com Group's Tourism Innovation Awards
- Revolutionary Blockchain Platform Okh Finance Announces Okh Finance(OKKH) Token Launch to Transform Global Asset Leasing Market
- Cover Girl Finalist Teisha Mechetti Questions Legitimacy of Inked Originals Competition, Demands Transparency
- Easton & Easton, LLP Files Suit Against The Dwelling Place Anaheim & Vineyard USA Over Abuse Allegations
January's wagering resulted in a record $29.3 million in adjusted gross operator revenue, up from $12.2 million in January 2019. The month's bets yielded $2.8 million in state taxes.
If the growth continues through 2021, the state could top $3 billion in bets, more than $200 million in revenue, and $20 million in state taxes, according to PlayIndiana projections.
"Assuming we don't have any interruptions in the sports schedule like in 2020, a new high is almost assured in 2021," said Dustin Gouker, analyst for PlayIndiana.com. "The biggest question is how much higher? That depends in large part on how well the market responds to increasing competition from its neighbors."
The NBA season enjoyed its first full month of games while college basketball settled into a more robust conference. Bettors responded with $133.2 million in wagers on basketball, accounting for 38% of the state's handle. Plus, January got a boost from an expanded NFL playoffs with two additional games over Wild Card weekend, including one with the Indianapolis Colts, which helped football draw $77.6 million in bets.
"Aside from the NFL's expanded playoff, January was perhaps the most normal sports schedule since February 2020, offering our best gauge yet of where Indiana is as a market," Welman said. "Even with increased competition from Michigan, which launched in late January, Indiana's sportsbooks continue to perform well. Indiana's significant interest in basketball differentiates the market from many in the U.S., and offers a positive sign for a market that is increasingly local."
More on nvtip.com
- AI Visibility: The Key to Beating Google's AI Overviews and Regaining Traffic
- Stuck Doing Math or Figuring Out Life's Numbers? Calculator.now Makes It Stupidly Simple
- Colbert Packaging Announces WBENC Recognition
- DivX Empowers Media Enthusiasts with Free Expert Guides for Advanced MP4 Management
- Akon City Cancelled: Primal Mogul Confirms Senegal Scraps $6B Smart City Plan for $1.2B Resort
Online betting generated 85.1% of January's handle, or $296.5 million. DraftKings/Ameristar Casino accounted for 35.2% of the state's January handle with $122.6 million in bets, producing $9.4 million in gross receipts. FanDuel/Blue Chip Casino was second with $89.2 million in bets, and BetMGM/Belterra was third with $52.4 million.
Retail sportsbooks produced $51.7 million in January wagers, up from $47.4 million in January 2020. Hollywood Lawrenceburg, nearest Cincinnati, led the retail market with a $13.4 million handle.
"A year after launching, BetMGM has quietly become a major player in the state," Gouker said. "DraftKings and FanDuel continue to be the dominant forces, but having more operators challenge the top is ultimately good for consumers."
For more information, visit PlayIndiana.com/revenue.
About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.
Contact:
Zack Hall, DVA Advertising & PR, 541-389-2411, [email protected]
SOURCE PlayIndiana.com
Related Links
http://PlayIndiana.com
Filed Under: Business
0 Comments
Latest on nvtip.com
- NASA Collaborative Agreement for Supply of Thin-Film Solar Tech for Orbital Application to Advance Development of Thin-Film PV Power Beaming: $ASTI
- Exciting New Era of Sports, Entertainment & Gaming Innovation Spotlighted by Rebrand of Expanding AI Driven, Online Fan Engagement Company: SEGG Media
- Service Ninjas Debuts First-of-Its-Kind "Membership" Platform for Home Service Pros
- BIYA Forecasts 2025 Surge with ¥300M ($41.8 M USD) in Revenue and ¥25M Profit from Cloud Based HR Solutions: Baiya Intl. Group (N A S D A Q: BIYA)
- Paul E. Saperstein Co. Announces Geographic Expansion of Auction Services
- Florida Broker Bent Danholm Featured in the Daily Mail's U.S. Real Estate Coverage
- Robin Launches Legal Intelligence Platform to solve intelligence gap in Fortune 500 legal teams
- Melissa B. Releases Digitally Independent: Empowering Music Artists with AI and Brand Strategy
- Consumer Accountability Alliance Issues Formal Notice Alleging Proximate Liability for Medical Harm
- Utah Metal Fabricator Titan Forge Builds Momentum with Custom Steel Projects and Spiral Staircases
- Jason Koch: Pioneering the Future of Real Estate Development in New Jersey
- BOXABL Launches Search for New Directors and Executive Leadership
- Bach and Beyond: Cellists Return to the Beach for 2nd Annual Bethany Beach Cellofest
- Circus Circus Las Vegas Debuts Summer Pricing for Adventuredome, Carnival Midway
- NR7 Miner launches zero-cost USDT cloud mining service: daily stable income + referral rewards for double profit
- Deaths Spur Closures, but Troubled Teen Camps Must Be Banned, CCHR Warns
- Palmer Lake Wine Festival To Build Bridges in Small Mountain Community, Highlight Local Businesses
- SacraPod Suites Unveils AI-Powered 'Work + Rest' Smart Hospitality Model for Retrofitting Underused Motels Across the U.S
- From Real Estate to Reel Power: H.L Woods Carves His Legacy as a Cutting-Edge Visionary Filmmaker
- New Release: 'The Invisible Alternative' Unveiled by Atrisk Corporation, Resilient