Another month and another sports betting record set in the state of Indiana. For five straight months, the Hoosier State has set a new record for sports betting handle, and it doesn’t appear that things will slow down anytime soon.
Last month, sports betting handle reached $251.4 million in November, which is the first time the market has gone over the quarter-billion mark. Sports betting handle went up almost 9 percent from October, which was also a previous record.
Not only has the state shown growth month-over-month, but 2020 continues to shatter marks set in 2019. Year-over-year sports betting handle was up more than 70 percent from the total reported in October 2019.
Adjusted gross revenue in the sports betting industry was also a new high for October 2020, coming in at $25.3 million. This is an increase of more than 20 percent from October, and that increase is another trend that appears to be continuing.
Mobile Betting Continues to Lead
It’s no surprise that mobile betting continues to dominate the sports betting handle figures. Mobile betting accounted for nearly 85 percent of all wagers during November, and that has been an established trend since launch.
Indiana does allow for remote registration, enabling bettors to create new accounts in a quicker manner than states where in-person registration is required. There are also 10 online sportsbooks available in the state, giving bettors plenty of options.
Adjusted gaming revenue was actually down nearly 11 percent during November, and that was due in large part to the casino industry. Total casino win was just $148.2 million, an almost $18 million decrease from October.
Big Name Operators Carry Market
Another trend that has continued in Indiana is that DraftKings and FanDuel have continued to dominate the market. Those two operators combined for over 60 percent of the entire handle during November, with DraftKings accounting for $95.2 million.
The DraftKings partnership with Ameristar Casino in East Chicago gives the operator the perfect location to attract sports bettors from Illinois. The Blue Chip Casino in Michigan City has aligned with FanDuel, and this remains a strong operator as well.
888Sport on the Way
One reason most industry experts believe that Indiana still has some room to grow is due to the operators set to launch in 2021. Several names have been rumored, including 888Sport, which has already confirmed that it plans to launch in the Hoosier State next year.
888 Holdings, the parent company of 888Sport, has reached a multi-year agreement with Caesars Entertainment to offer sports betting at Harrah’s Hoosier Park. This location is just 30 miles away from Indianapolis and should attract many bettors from the capital city.
Barstool Sports is another operator that will likely launch in the state of Indiana at some point in 2021, but nothing has been confirmed at this time. Barstool Sportsbook has been extremely popular in Pennsylvania since its launch.