Sports Betting Handle Plummets From $185M In February To $74M In March

The sports betting handle in Indiana experienced a significant decline in March.

Indiana received a record-setting $187 million in wagers in February. However, this figure dipped to less than half in March, ending at $74 million.

The state last recorded less than $90 million in wagers in September 2019, marking the inaugural month of legalized sports betting in Indiana, also known as the Hoosier State. At that time, Indiana did not even have online sportsbooks.

However, that decrease in handle is hardly surprising.

The majority of the month saw no sports due to COVID-19. As there was nothing to wager on, it was inevitable that the state’s betting revenue would suffer a blow.

Sports Betting Figures for Indiana, March 2020

Here are the figures that Indiana’s casinos managed to generate in March:

Licensee	Online Brand(s)	Total Handle	Online Handle	Retail Handle	Gross Revenue	State Tax
Ameristar East Chicago	DraftKings	$35,213,890	$33,087,455	$2,126,435	$2,658,851	$252,615
Blue Chip	FanDuel	$22,282,365	$21,589,354	$693,011	$1,460,616	$151,393
French Lick	BetRivers	$3,677,470	$3,596,127	$81,343	$327,455	$31,108
Horseshoe Hammond		$3,439,690	$0	$3,439,690	$211,475	$0
Hollywood Lawrenceburg	PointsBet	$2,897,166	$334,237	$2,562,929	$251,772	$23,283
Belterra	BetMGM	$2,300,562	$2,057,873	$242,689	$335,587	$30,099
Harrah’s Hoosier Park		$1,768,079	$0	$1,768,079	$32,459	$12,767
Indiana Grand		$1,668,531	$0	$1,668,531	$95,088	$20,820
Caesars Southern Indiana		$800,758	$0	$800,758	-$25,689	$0
Tropicana Evansville		$594,036	$0	$594,036	-$49,753	$0
Rising Star	BetAmerica	$176,254	$132,568	$43,686	$2,330	$0
Total		$74,818,801	$60,797,614	$14,021,187	$5,300,191	$522,086

The drop was significantly influenced by the cancellation of March Madness.

Both gamblers and operators were prepared for the inaugural March Madness tournament following the legalization of sports betting in Indiana.

However, the Hoosier State will have to wait until next year as the tournament and all of the country’s other sporting events have been cancelled.

The cancellation represents a substantial loss for Indiana’s sportsbooks. The expected revenue from the tournament was anticipated to surpass that of the Super Bowl, given the numerous games and its span over several weeks.

The 2019 tournament in Nevada alone attracted nearly $350 million in bets. While Nevada is a bigger market, Indiana was also expected to reap a significant windfall.

Hoosiers had already demonstrated their readiness for more basketball. In January, Indiana bettors placed over $60 million in bets on basketball, a figure that surged to $90 million in February. This $90 million represented nearly half of the state’s total betting handle.

That number would probably have soared even higher due to the biggest basketball betting event of the year.

It’s impossible to determine the precise amount of money Indiana’s casinos missed out on, but it’s undoubtedly a lost opportunity for the Hoosier State.

People from Indiana started betting on more unconventional sports.

As traditional sports betting options are no longer accessible, both sportsbooks and bettors have started to innovate.

Betting options are available for activities such as table tennis and some lesser-known European soccer leagues, but the choices are limited.

However, due to being the only remaining betting options, these less common sports constituted a significant portion of Indiana’s betting volume in March.

The Indiana Gaming Commission’s monthly revenue reports feature an “other” category that encompasses all sports excluding football, basketball, and baseball. In March, this “other” category accumulated $20 million in wagers.

Basketball remained the most popular sport in Indiana in terms of betting, with almost $35 million in wagers. The “other” category came in second, collecting $20 million.

Combined, football and baseball barely garnered $1 million in bets.

The popularity of betting on less mainstream sports will continue to increase until traditional sports betting options are reinstated.

Anticipate a further decrease in April.

The handle in Indiana is expected to further decrease in April, more than it did in March. This trend will persist as long as the popular sports leagues remain in a state of uncertainty.

The NBA became the first sports league to halt its season on the evening of March 11. This provided March with a benefit that April won’t possess, as betting continued unhindered for the initial third of the month without any cancellations.

Right now, Indiana’s sportsbooks don’t have a vast selection to offer to gamblers.

Regarding the more mainstream sports, there isn’t much happening this month. Nonetheless, the NFL Draft will provide something for football enthusiasts to anticipate.

The UFC is also taking drastic measures to keep running without any cancellations. This provides sports enthusiasts with an additional betting option until the COVID-19 situation resolves.