Betting on professional football and the Super Bowl drove Indiana sports betting to another record-breaking month in February.
Playindiana.com reported Indiana's February handle totaled $187.2 million, up 9.6% from a then-record $170.8 million handle generated in January. February produced $11.1 million in adjusted gross revenue, down 15.9% from $12.9 million, yielding $1.1 million in state taxes.
Bettors placed $11.6 million in bets on football, almost entirely on the Super Bowl, PlayIndiana.com reported. While basketball generated $90.2 million.
“Indiana's market continues to mature, including the launch of more online sportsbooks, even as the football season ends,” said Dustin Gouker, lead analyst for PlayIndiana.com. “The state has a near-perfect storm of success and will continue to be among the shining stars in legal sports betting even as neighboring states move to legalize sports betting.”
PlayIndiana.com said Indiana's ability to attract out-of-state bettors have continued to hold. While neighboring states did not have legalized sports betting in February, BetRivers Sportsbook in Des Plaines, Ill. opened on March 9 and in Michigan, two Detroit-area sites began taking legal sports bets on March 11.
PlayIndiana.com believes Indiana will remain a favorable site for sports bettors even as Michigan and Illinois increase competition. Experts believe competition from other states will have some impact on Indiana, but it should be blunted without an online component in either Illinois or Michigan and progress toward legalizing sports betting has stalled in both Kentucky and Ohio.
Online sportsbooks generated $145.9 million in bets in Indiana in February, or 77.9% of the state's handle. And more sportsbooks came online with the Feb. 25 launch of BetMGM and the March 5 unveiling of PointsBet/Hollywood Lawrenceburg.
In February, DraftKings/Ameristar Casino led the online market with $74.1 million in bets, up from $66 million in January. That generated $5.7 million in gross receipts.
FanDuel/Blue Chip Casino continued to gain ground on its rival, tallying a $63.8 million handle in February, up from $49.5 million.
Horseshoe Hammond led the retail market with a $12.4 million handle, down from $13.7 million in January, but more than double Ameristar Casino’s handle of $5.9 million.
