Indiana Sportsbooks Make Most of February With $187 Million, According to PLAYINDIANA Analysts

LAS VEGAS, March 10, 2020 /PRNewswire/ -- The Super Bowl helped Indiana's retail and online sportsbooks post a February that landed another monthly record. And with March Madness ahead and new online casinos launching, Indiana is positioned to weather the launch of retail sports betting in Michigan and Indiana, according to analysts from PlayIndiana.com.

"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."

Indiana's February handle hit $187.2 million, up 9.6% from a then-record $170.8 million handle generated in January, according to official reporting released Tuesday. 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. And basketball generated $90.2 million.

"The Super Bowl was the single most significant event in February, but Indiana has done exceptionally well with basketball," said Jessica Welman, analyst for PlayIndiana.com. "That balance is helping Indiana avoid a post-football slump, which is common in jurisdictions such as Nevada."

Indiana's market advantages, most notably its ability to attract out-of-state bettors, have continued to hold, too. None of Indiana's neighbors have launched legal online sports betting yet, and because Indiana does not require in-person registration for mobile users, the Hoosier State can easily capitalize by allowing out-of-state bettors to simply cross the state line.

Indiana will remain a friendly neighbor for sports bettors for the foreseeable future. Illinois and Michigan have legalized sports betting, each launching retail betting this week. That will have some impact, but it should be blunted without an online component in either state. And progress toward legalizing sports betting has stalled in both Kentucky and Ohio.

"Indiana's relationship with out-of-state bettors takes many forms, ranging from those who cross the border to make bets at nearby land-based sportsbooks to those who hop over the state border in cars and place bets by phone," Welman said. "Indiana's sportsbooks have been aggressive in attracting that business, of course. It won't last forever, but Indiana should enjoy the advantage while it's there."

Online sportsbooks generated $145.9 million in bets 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. But 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, outpacing Hollywood Lawrenceburg ($6.8 million) and
Ameristar Casino ($5.9 million).

"The successful partnership between DraftKings and Ameristar Casino in East Chicago, which generates the largest combined online and retail handle, crystalizes Indiana's market advantages," Welman said. "The DraftKings app was first to the market, and its ease of use has kept it on top. Meanwhile, Ameristar continues to draw heavily from the Chicago market."

For more revenue information, visit PlayIndiana.com/revenue.

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SOURCE PlayIndiana