Betting on NFL and college football games pushed sports betting in Indiana over $250 million in November.
PlayIndiana.com reported Indiana sportsbooks accepted $251.4 million in bets, the most ever for the state surpassing October’s record of $230.9 million. Wagering has been strong on the Indianapolis Colts, the University of Notre Dame, and Indiana University.
“Indiana has largely managed to shrug off increased competition from its neighbors, which is a good sign for the future of the state’s industry,” said Dustin Gouker, lead analyst for PlayIndiana.com. “A lot has gone right in recent months to get Indiana to this new high point, but considering the challenges, it has been an impressive string of months.”
Wagering in November produced a record $25.3 million in adjusted gross revenue for the state’s operators, up 20% from the record $21.1 million set in October, and yielded $2.4 million in state taxes. Year over year, Indiana’s handle grew 70.7% from $147.3 million in November 2019 while gross revenue jumped 172.4% from $9.3 million.
Indiana reclaimed its position in October as the fifth-largest market in the U.S., ahead of Colorado, but behind New Jersey, Nevada, Pennsylvania, and Illinois. And November’s results should be enough to stay in that position, PlayIndiana.com said.
“I think some of the worries that Indiana would slip as its neighbors legalized sports betting are calming,” said Jessica Welman, analyst for PlayIndiana.com. “The market in the Hoosier State is proving to be quite dynamic.”
Football bets totaled $113.5 million in November, a rise of 33.9% from $84.7 million in October and up 96.5% from $57.7 million in November 2019. The state of the college basketball also brought in $17.7 million in November bets.
“There really isn’t any substitute in sports betting for a local team doing well, and Indiana is enjoying three at once,” Gouker said. “And with both college and NBA basketball returning, a sport that enjoys particular interest in Indiana compared with most other legal jurisdictions, December really sets up to be another jump forward.”
Online betting generated 85%, or $213.7 million, of November’s handle, increasing the share of all bets from 83.6% in October. DraftKings/Ameristar Casino continued its dominance of the digital market, increasing its bets to $95.2 million in November from $90.5 million in October. Those bets produced $7 million in gross receipts, down from $8.6 million in October.
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