The Indiana Gaming Board has published the state’s first-ever sports betting revenue report. The report shows that licensed operators in the state processed about $35.2 million worth of sports wagers in September.
The total amount retained by sportsbooks was $8.6 million, which translates to about 24% in hold percentage. The revenue collected by the state was $813,103 or 9.5% of the operators’ profits.
The Hoosier State joined the legal US sports betting market on September 1. There were 13 retail sportsbooks in the state as of September 30.
Horseshoe Hammond leads in Indiana sports betting
Caesars Entertainment-owned Horseshoe Hammond Casino registered the highest value of sports bets booked by Indiana operators in September. The facility posted a total handle of $9.0 million and $2.1 million in adjusted gross revenue.
Ameristar Casino in East Chicago was the second most popular wagering venue for Hoosiers during the month. The sportsbook took $5.4 million in wagers and recorded $1.26 million in revenue. The facility is owned by Gaming and Leisure Properties and run by Penn National Gaming.
The total value of bets processed by the two operators was about $14.4 million, which is almost 41% of the state’s handle.
The success of the two casinos can be partly attributed to their proximity to Downtown Chicago. Both sportsbooks are located about 25 miles from the Loop, which makes it easy for Illinois residents to cross the border and place a bet.
Ameristar’s sister property, Hollywood Casino Lawrenceburg, posted the third-highest handle at $5.2 million. The operator’s revenue was $1.2 million.
Harrah’s Hoosier Park also enjoyed a lucrative first month after reporting $1.30 in adjusted gross revenue from a $4.3 million handle.
Football was the most popular sport for IN bettors
The September report issued by the Indiana Gaming Commission reveals that football events attracted more bets than other sports. The total value of wagers placed on the sport was $20.7 million during the month, which constitutes 60% of the total handle.
Parlay betting came a distant second with $9.8 million in handle or 28% of the total bets. Baseball bets accounted for 10% of the total handle at $3.5 million. The value of wagers placed on other sports, including basketball, was just 2% of the betting handle.
Wagering revenue expected to grow in the coming months
The $35.2 million handle posted by Indiana operators came from retail venues since the state did not manage to launch online sportsbooks in September. Statewide mobile betting kicked off a month later when Betrivers.com and DraftKings Sportsbook went online on October 3.
The commencement of online wagering is expected to make a huge difference in the budding Indiana market. The availability of mobile sportsbooks will make sports betting more accessible to residents of the state, which translates to more revenue for the government and operators.
In New Jersey, for example, mobile wagering accounts for more than 80% of the total sports betting handle.
Pennsylvania provides another excellent case study of the impact of mobile betting. The state began online operations in late May.
Following the launch of online wagering, the PA sports betting handle increased tremendously from $36.8 million and $36 million in April and May respectively, to $109 million in August. According to the PGCB, 76% of the total bets placed in August came from mobile customers.