Projection: Indiana Sports Betting Will Drop To $4.1 Billion In Bets During 2023

Play Indiana forecasts that Indiana residents are expected to bet roughly $4.1 billion on sports in 2023, representing a downturn for the state’s market compared to 2022.

Indiana’s sports betting industry has made significant strides since it was established in 2019. In the last three years, Hoosiers have cultivated a fondness for placing bets on their favorite events.

Bettors in the state have wagered over $10 billion on sports since betting was initiated. This significant sum has helped establish Indiana as one of the nation’s largest sports betting states.

The recent rapid expansion of the industry cannot continue indefinitely. It is anticipated that at some point, the numbers for sports betting in Indiana will reach a standstill.

Finally, it could be the year for the Hoosier State.

Indiana sports betting could decline in 2023

Indiana’s sports betting market is now fully mature at this stage. Following several years of legalized gambling, the industry within the state has achieved a stable status.

However, this year, sports betting in Indiana might see a minor decline.

Although $4.1 billion is certainly a large amount, it’s a notable drop from 2022 when Play Indiana estimated that residents bet approximately $4.5 billion on sports.

Regulators have already announced that Hoosiers placed bets exceeding $4 billion last year. However, this figure does not account for the data from December 2022.

The Indiana Gaming Commission will shortly release last month’s figures, with Play Indiana expecting the total to be approximately $450 million. This could push Indiana’s 2022 total to nearly $4.5 billion, roughly $400 million above the state’s forecasted total for 2023.

Our national forecasts indicate that with a projected handle mark of $4.1 billion for 2023, Indiana would be the 13th highest-ranking state in the country.

State	Projected 2023 Handle
1. New York	$14.4 billion
2. New Jersey	$10.5 billion
3. Illinois	$10.2 billion
4. Ohio	$8.7 billion
5. Nevada	$8.6 billion
6. Pennsylvania	$7.1 billion
7. Arizona	$6.1 billion
8. Colorado	$4.8 billion
9. Michigan	$4.7 billion
10. Virginia	$4.6 billion
11. Tennessee	$4.3 billion
12. Massachusetts	$4.2 billion
13. Indiana	$4.1 billion

Indiana residents will bet on football and basketball

Football and basketball betting will unsurprisingly contribute to the majority of Indiana’s sports betting handle in 2023.

The first half of the year typically sees an increase in the state’s numbers due to the frenzy surrounding Hoosier basketball. Basketball generally becomes the most wagered sport in the state from January through July.

Football, the most popular sport for betting in the US, reigns from late summer through the end of the year.

Play Indiana expects that sports betting in Indiana will follow a similar trajectory in 2023. The state’s estimated handle of $4.1 billion is largely anticipated to come from football and basketball betting.

Play Indiana forecasts that for this year, betting on basketball and football will exceed $2.7 billion. They project that approximately 35% of Indiana’s 2023 wagers would be on basketball, with an additional 33% being placed on football.

Fewer bettors traveling to Indiana

In 2019, Indiana was the only Midwestern state to have legalized sports betting, leading to people from neighboring states visiting Indiana to place their bets.

However, those days are behind us. Now, all the states neighboring Indiana, except for Kentucky, have established their own sports betting industries.

The launch of sports betting in Ohio on Jan. 1 could potentially affect Indiana’s figures this year.

If fewer people from out-of-state drive to Indiana to bet, the state’s online sportsbooks may experience a reduction in handles.

This is especially relevant for casinos in Indiana near Cincinnati, which may not draw as many Ohio residents for business, since they now have sports betting options closer to home.

Among other factors, the possible decline in Indiana’s handle this year could be due to traveling bettors.

Other factors contributing to the decline

A decline in sports betting in Indiana could potentially be contributed to by several other factors.

The number of sportsbook operators in Indiana has started to level out. In 2022, only three new online sportsbooks were launched in the state, and one of them closed in less than two months.

This shows that gambling companies throughout the US are no longer rushing to take bets in Indiana.

At this point, it’s difficult for a new sportsbook to secure a substantial market share in the state. As a result, sports betting apps are seeking improved opportunities in emerging markets outside of Indiana.

Typically, a sportsbook offers enticing new promotions to attract users when it begins operations in a new state.

Attractive deals and new sportsbooks can heighten the interest in sports betting. However, without a regular flow of fresh and enticing options, some bettors may start to view the market as somewhat dull.

The roster of sports betting options in Indiana has hit its ceiling. There have been no additions to the list by the state’s gaming regulators since June 2022.

There was a time when Indiana was constantly approving new gambling events for Hoosiers. This included one-of-a-kind seasonal events such as Halloween candy eating contests.

In recent years, the list has grown considerably, leaving only player trades and similar markets as possible additions. This could potentially increase feelings of monotony amongst sports bettors in Indiana.

The potential decline in Indiana’s sports betting this year could be influenced by the lack of new sportsbooks and betting options, even though they are likely minor contributors.

Competition from other forms of Indiana gambling

The increase in other types of gambling in Indiana could potentially harm sports betting figures in 2023.

The truth is, Hoosiers are only willing to gamble a limited amount of money. As there is a restricted pool of funds available, sports betting will have to compete with other forms of gambling in Indiana.

Online casinos could play a significant role during the latter months of the year.

Lawmakers in Indiana are set to present a new bill this week that could potentially legalize online casinos, which are currently not permitted in the state. If the proceedings move positively, online casinos could start accepting bets in Indiana by September 1, 2023.

Hoosiers are likely to explore a new kind of online gambling, which may divert some of their sports betting money.

Though Play Indiana’s forecast of $4.1 billion for Indiana’s market indicates a drop from the 2022 statistics, it doesn’t suggest that the state’s industry is in a weak state.

Residents of Indiana have been participating in sports betting since 2019. The stability of the state’s numbers suggests a mature and healthy market, which is undergoing the typical fluctuations associated with the legal gambling industry.

Hoosiers indeed have a fondness for sports betting. Regardless of how much Indiana wagers this year, sports betting is a permanent fixture in the state. Moreover, Indiana is in a favorable position to prosper in this industry for many future years.