Online Betting Responsible For 72% Of $170M In January Sports Bets

Indiana further established itself as the fourth-largest sports betting market in the US with a record-breaking January. Bettors in Indiana placed wagers exceeding $170 million, marking a nearly 10% increase from December’s nearly $162 million.

The growth might appear moderate relative to other states. Yet, considering no new sportsbooks were launched in January, the increase is notably impressive. Online betting contributed significantly to the surge in numbers. Even with only four betting apps, online bets accounted for 72% of the handle, rising from slightly below 70% in December.

This wagering activity generated more than $12.8 million in revenue for the bookmakers and contributed over $1.2 million in taxes to the state.

Sports betting figures for Indiana, January 2020

Here’s an overview of how each casino performed in both retail and online sports betting last month:

Licensee	Online Brand(s)	Total Handle	Online Handle	Retail Handle	Gross Revenue	State Tax
Ameristar East Chicago	DraftKings	$73,037,356	$65,993,539	$7,043,817	$6,014,079	$571,461
Blue Chip	FanDuel	$52,211,848	$49,519,651	$2,692,197	$2,210,553	$267,528
Horseshoe Hammond		$13,705,355	$0	$13,705,355	$1,803,809	$171,452
French Lick	BetRivers	$8,303,667	$7,770,033	$533,634	$604,310	$57,412
Hollywood Lawrenceburg		$7,736,943	$0	$7,736,943	$578,993	$50,304
Harrah’s Hoosier Park		$5,428,810	$0	$5,428,810	$321,786	$30,958
Indiana Grand		$4,991,790	$0	$4,991,790	$365,318	$33,165
Caesars Southern Indiana		$2,395,735	$0	$2,395,735	$143,966	$15,268
Tropicana Evansville		$1,999,848	$0	$1,999,848	$210,974	$18,871
Belterra		$934,724	$0	$934,724	$8,077	$5,379
Rising Star	BetAmerica	$303,174	$89,622	$213,552	-$38,643	$0
Total		$171,049,250	$123,372,845	$47,676,405	$12,223,222	$1,221,796

DraftKings, FanDuel, and the other competitors.

DraftKings/Ameristar and FanDuel/Blue Chip make up 73% of the market between them. Interestingly, the third-largest player in the market isn’t another online operator, but Horseshoe Hammond located near Chicago. This entity took in $13.7 million in bets, yielding an impressive $1.8 million in revenue.

Meanwhile, French Lick along with its online partner BetRivers successfully accepted wagers exceeding $8.3 million, however, they only generated approximately $600,000 in revenue. Contrarily, Hollywood Lawrenceburg managed to record nearly $530,000 in revenue from $7.7 million worth of bets at its retail sportsbook in the Cincinnati area.

Rising Star is not a title suitable for BetAmerica.

Indeed, BetRivers may not yet be on the same competitive level as the two major players. However, the situation could be far worse. For instance, BetAmerica, which commenced operations in late December, reported disappointing results for its initial full operational month. After incurring a loss of approximately $1,200 in December, the online bookmaker only generated $1,850 in revenue in January. Moreover, the site handled less than $90,000 in bets in its first full operational month.

The retail book at Rising Star Casino is also facing challenges. The physical sportsbook reported nearly $41,000 losses on only $213,552 in wagers. The location of the property, which is not as close to Cincinnati proper as Hollywood Lawrenceburg, could be the reason why the retail outlet is having difficulty attracting bettors.

The number of football viewers decreased during the NFL postseason.

Indiana is one of the few states that categorizes wagers according to bet type, offering intriguing insights into the seasonal trends of sports betting.

The significant drop in football betting, plummeting from $59 million in December to barely $37 million in January, illustrates the vital part the gridiron plays for sportsbooks. However, it’s noteworthy to see the extent to which basketball is compensating for this fall.

We are currently in the relatively slow period of the NBA season, as the All-Star break has not yet occurred. Meanwhile, college basketball commenced conference play in January and showcased some significant match-ups.

Indiana is undeniably the epicenter of college basketball country. The state is home to elite teams such as Butler, and UK and Louisville fans aren’t far off, just across a bridge. There are also several significant basketball programs in the Cincinnati area. This results in multiple enthusiastic fan bases, eager to place bets on their teams for the first time.

Basketball bets saw a substantial increase, jumping from $33.6 million in November to $45.6 million in December, and nearly reaching $60 million in January. The Super Bowl is expected to be the main highlight of the February revenue report. However, it’s not too premature to speculate on the potential earnings that Indiana March Madness could bring in comparison to the NFL’s Big Game.