Indiana Betting Revenue Tops $100 MillionPublished September 27, 2020 by Sol FH
It was an amazing first-year for Indiana's betting industry as revenue tops US$100 million.
Indiana, the "Crossroads of America," has released the numbers from its maiden year in the sports betting industry. Online and land-based sportsbooks reported revenue of $9.8m in June, which is an increase of 47.6% from July of 2019. Stakes in sportsbetting hit an astounding US$1.20bn, as revenue exceeded US$100m over the first 12 months of regulated sports betting in the state.
The strong month of June, with the US$9.8m in revenue came on a handle of US$169m, an impressive increase of 138.4% year-on-year. Operators paid taxes of $934,314 to the state, which it uses for a number of social programs.
The totals were the highest in the state since COVID-19 shut down the United States for months.
Prior to adjustments, the revenue came to US$12.5m, which was made up of both online ($10m) and retail ($2.5m). Online sportsbetting is the preferred method in Indiana. The online betting handle came to US$143.9m, while land-based made up the remaining $25.1m.
Indiana is Big Business
Indiana is the 38th-largest state by area in the US ad holds the 17th highest population. Sports are an integral part of life in Indiana with numerous professional sports teams including the NBA's Indiana Pacers and the Indianapolis Colts of the NFL, among others.
College sports are also huge in Indiana with famous names like the Hoosiers, Notre Dame, Purdue, and others. We cannot forget that the famed Indianapolis 500, with a jaw-dropping capacity of 257,325, also resides in the state.
As online and retail sportsbetting continues to grow, the figures mentioned above will continue to rise. Since the decision to legalize online and retail sportsbetting in the state, fans have really warmed up to the prospect of making cash on select sporting events. There are a number of online sportsbooks in Indiana offering services to anyone over the legal age, therein.