Can March Madness Set The Indiana Sports Betting Bar Higher Than Ever Before?

During February, gamblers in Indiana placed bets on sports amounting to over $273 million.

That handle was a significant drop from January’s $348 million performance.

It’s not unusual to see drops like that in February, given that it’s a shorter month and there’s not much football activity to boost the load.

As anticipated, basketball was the sport with the highest betting popularity throughout the month. With a handle of $127 million, basketball constituted over 46% of Indiana’s total collection.

Sports betting handle of Indiana in February 2021

Most of Indiana’s $273 million handle was generated through online sports betting.

Here’s a brief overview of where Hoosiers placed their bets throughout the month:

Licensee	Online Brand(s)	Total Handle	Online Handle	Retail Handle	Revenue	State Tax
Ameristar	DraftKings | theScore Bet	$114,951,758	$110,098,240	$4,853,518	$4,225,113	$401,386
Blue Chip	FanDuel	$71,544,562	$70,911,646	$632,915	$4,955,336	$470,757
Belterra	BetMGM	$33,639,852	$33,013,203	$626,649	$2,240,748	$212,871
Hollywood Lawrenceburg	PointsBet	$21,606,233	$11,322,078	$10,284,155	$2,161,900	$205,380
French Lick	BetRivers	$7,864,285	$7,470,268	$394,016	$539,843	$51,285
Tropicana Evansville	William Hill	$7,211,619	$5,633,525	$1,578,094	$561,271	$53,321
Horseshoe Hammond	Caesars | Unibet	$6,623,448	$2,478,041	$4,145,407	$936,406	$88,959
Harrah’s		$4,036,965	$0	$4,036,965	$387,639	$36,826
Indiana Grand		$3,828,570	$0	$3,828,570	$471,791	$44,820
Caesars Southern Indiana		$2,370,098	$0	$2,370,098	$467,361	$44,399
Rising Star	BetAmerica	$215,683	$100,555	$115,128	$8,497	$807
Total		$273,893,073	$241,027,556	$32,865,517	$16,955,904	$1,610,811

Handle in sports betting experiences a decline

The decrease in Indiana’s numbers since January might not be a major surprise.

In the US, football is the most favored sport for gambling, and the absence of the NFL or college football would probably lead to a decline.

In February, there was a nearly $59 million decrease in the total money bet on football.

Even with the dip, Indiana continues to grow year over year.

In February 2020, Hoosiers wagered only $187 million on sports. Therefore, this year’s $273 million in bets remains a significant increase.

Indiana Super Bowl handle

We now have the final set of betting numbers from the 2020-2021 NFL season.

During February, Hoosiers amassed $18 million in football bets, an increase from the $11 million accumulated during the same month last year.

Indiana does not disclose precise wagering figures for major events such as the Super Bowl. Consequently, it’s impossible to determine the exact amount of money Hoosiers wager on the big game.

We may not possess the exact figures, but we can still generate a reasonably good approximation.

The Super Bowl, being the only football game in February, assists in reducing the potential sources for Indiana’s football handle.

A portion of the $18 million stake was bet on futures for the upcoming college football and NFL seasons, though it was probably a small part of the total amount wagered.

The Super Bowl is a significant gambling event, thus it’s reasonable to infer that most of the football betting in February was focused on this game.

$20 million from sports betting tax revenue

The sports betting revenue in Indiana surpassed a new milestone with the numbers from February.

Indiana has officially generated over $20 million in taxes from sports betting. This figure has been gradually accumulating since the inception of betting in 2019.

The cumulative total of the state’s sports betting tax is now $21.5 million.

Every month, Indiana claims 9.5% of the market’s adjusted gross revenue, which ranks as one of the lowest rates in the country.

To compare, sportsbooks are taxed at 15% in neighboring Illinois, while the tax rate in Michigan’s market is lower, at 8.4%.

The low tax rates in Indiana and Michigan assist in attracting new operators, subsequently aiding the market growth in both states.

The potential for future growth in Indiana is already evident as numerous new sportsbooks are slated to open.

Indiana’s saturated sports betting market

The number of new sportsbooks arriving in Indiana continues to increase.

In 2020, six new sports betting apps were launched in the Hoosier State of Indiana.

The most recent company to launch in the state was William Hill, but that was back in October.

Indiana might have spent several months without launching a new sportsbook, but that situation is set to change soon.

2021 is already trending to equal the number of new operators from the previous year. The following six sportsbooks intend to commence their operations in Indiana this year:

• Barstool Sportsbook
• WynnBET Sportsbook
• 888sport
• SBK Sportsbook
• fubo Sportsbook
• SportsBetting.com

Once everything is finalized, Indiana will have a total of 16 unique online sportsbooks. This substantial variety will provide Hoosiers with an abundance of gambling options to choose from.

Indiana March Madness betting

Basketball betting already reigns supreme in Indiana, but it’s set to receive a significant boost.

The upcoming March Madness tournament will be the inaugural one in Indiana where betting is allowed. Were it not for the event’s cancellation due to COVID-19 last season, Hoosiers would have had the opportunity to place bets on the March Madness brackets.

As March Madness continues with numerous different games, the event’s handle will keep growing exponentially.

Regrettably, the figures from March Madness will be on par with the betting data of the Super Bowl.

As Indiana does not disclose betting information for specific events, it will remain unknown exactly how much money is being wagered on this year’s tournament by gamblers.

Even so, basketball’s overall handle should experience a noticeable increase.

The entire tournament taking place in Indiana should be beneficial.

Basketball enthusiasts from various parts of the country journey to Indiana for March Madness, and a significant number of them will be placing bets on the games while they are there.

The combination of Indiana’s intense interest in basketball and traveling gamblers could potentially lead to a record-breaking sports betting handle for the state in March.