Indiana Casinos Thrilled With Sports Betting’s Hot Start And Midwest Monopoly

Indiana has quickly become one of the largest markets in the country for sports betting, since its inauguration in the Hoosier State in September.

In an interview with Inside Indiana Business, Matt Bell, CEO of Casino Association of Indiana, expressed his admiration for the nearly $430 million the state has generated in just its first four months of sports betting.

“I believe this is a significant launch in Indiana. It reveals an unexplored market of Hoosiers who wished to enhance their enjoyment of sports games by betting on them.”

The state’s strong start was primarily due to the availability of mobile and online betting soon after the sportsbooks opened.

States such as Delaware lacked that advantage as they either implemented online betting months later or never offered it at all.

Despite the population difference between the two states, online betting has enabled Indiana to surpass Delaware’s $40 million handle achieved in the first four months after its launch.

Sports betting in Indiana remains the only option in the Midwest.

Indiana holds a geographic advantage as it is the only state in the Midwest currently offering sports betting.

Casinos in Indiana have profited from travelers living near the state border, as all they need to do is cross the state line to place their mobile bets. However, as neighboring states begin to allow sports betting, fewer people may be inclined to make the trip.

Specifically, Ameristar and Blue Chip Casinos have experienced the most significant increases in their handles, primarily due to their alliances with DraftKings and FanDuel. In December alone, the two casinos collectively raked in over $115 million.

Bell believes that Indiana, despite its potential transient status as the Midwest’s solitary standout, is in a strong position to keep expanding as a market.

“Bell stated, “We possess excellent regulations that protect the interests of the state. I believe our operators, regulators, and lawmakers create a path for Indiana to take the lead in success.”

The growth in Indiana was not as rapid in December as in the preceding months. Maintaining that expansion will progressively become a more challenging task with the entry of more competitors from the Midwest.

Where do other states stand on the legalization of sportsbooks?

Indiana’s neighbors have been sluggish to initiate action.

Illinois legalized sports betting approximately at the same time as Indiana, but has yet to enter the market. This situation is highly beneficial for Bell and the Casino Association of Indiana.

Bell criticized the Illinois system which permits only three operators to solely operate online in the state.

“They possess a highly costly, government-focused tax and regulatory system that has hindered individuals from making investments to enter the market.”

The operators are required to pay a substantial fee of $20 million to acquire their licenses. Furthermore, they cannot commence online business operations until 18 months after the initiation of sports betting across the state.

The one and a half year gap before online betting begins will prolong the period during which Indiana will receive bets from residents living near the state line.

Sports betting is imminent in Michigan, making it the only other state in the Midwest on the verge of this development. The northern neighbors of Indiana are targeting to open their sportsbooks in time for March Madness.

A bill for legalization is currently headed to the General Assembly floor in Kentucky.

There are two competing bills in Ohio that could potentially delay the process of legalization in the state.

Currently, Indiana is enjoying the absence of competition. However, as neighboring states get involved, maintaining their advantageous position will become increasingly challenging.