March Madness Betting Catapults Indiana To $316 Million Handle

Last month, during March Madness, Indiana capitalized by drawing in sports betting wagers worth $316 million.

The huge betting handle in Indiana was attributed to the NCAA Tournament and basketball betting.

Throughout the month, over $160 million was bet on basketball by Hoosiers alone. This constituted more than half of the entire state’s handle.

Sports betting handle in Indiana for March 2021

Indiana’s sportsbooks generated over $26 million in revenue from $316 million worth of bets, while the state received over $2.5 million in taxes.

Here’s an examination of the source of Indiana’s March handle:

Licensee	Online Brand(s)	Total Handle	Online Handle	Retail Handle	Revenue	State Tax
Ameristar East Chicago	DraftKings | theScore Bet	$120,414,215	$114,224,535	$6,189,680	$9,177,459	$871,859
Blue Chip	FanDuel	$92,409,340	$91,260,954	$1,148,386	$6,932,373	$658,575
Belterra	BetMGM	$40,237,180	$39,432,282	$804,898	$3,729,561	$354,308
Hollywood Lawrenceburg	PointsBet	$23,984,447	$13,143,104	$10,841,343	$3,318,480	$315,256
Tropicana Evansville	William Hill	$10,765,468	$9,523,019	$1,242,449	$1,187,993	$112,859
French Lick	BetRivers	$9,794,400	$9,159,690	$634,710	$868,617	$82,519
Horseshoe Hammond	Caesars | Unibet	$6,158,528	$2,364,067	$3,794,462	$41,324	$3,926
Indiana Grand		$5,278,686	$0	$5,278,686	$599,772	$56,978
Harrah’s		$5,024,768	$0	$5,024,768	$391,563	$37,198
Caesars Southern Indiana		$2,410,546	$0	$2,410,546	$48,985	$4,654
Rising Star	BetAmerica	$240,183	$76,686	$163,496	$54,511	$5,179
Total		$316,717,762	$279,184,337	$37,533,425	$26,350,639	$2,503,311

Indiana sports betting rebounds

The state experienced a rebound in March.

In January, Indiana saw a record-breaking $348 million in sports bets.

However, the following month, the state’s handle decreased to $273 million.

It is typical for sports betting markets across the country to experience a dip in February.

The expected decrease was due to February’s fewer days for gambling and only one football game to boost activity.

The handle of $316 million in March has put things back on track.

Having accumulated a solid month of betting numbers, the state’s market is starting to gain momentum again.

Sports betting is fueled by March Madness.

The love Hoosiers have for basketball is well-known.

That love is fully displayed by Indiana’s numbers.

The state experienced a significant basketball revenue due to a unique March Madness tournament.

The basketball handle in Indiana has set a new record with $160 million in a single month, breaking the previous record of $133 million worth of basketball wagers made in January.

This year, every single March Madness game and the Big Ten Tournament were hosted by the greater Indianapolis area.

Due to the numerous games taking place over several weeks, March Madness has already become one of the major sports betting events of the year.

The fact that the entire tournament occurred in Indiana presented a unique opportunity for the state’s sports betting market.

The numbers could have been even higher if additional Indiana teams had participated in the tournament.

Purdue was the sole school from the state to qualify for March Madness, however, the Boilermakers were defeated in their initial game by North Texas.

This year, many Indiana gamblers didn’t have their favorite teams to bet on, as Indiana University, Notre Dame, and Butler were not in the mix.

Betting on the games by Hoosiers is one aspect, but travelers could have also influenced the numbers.

Traveling March Madness gamblers

Every year, the NCAA Tournament draws fans from all over the country.

The large number of basketball enthusiasts that gathered in Indiana for the Big Dance probably contributed to the state’s impressive basketball statistics.

Many fans hailed from states where sports betting is not yet legal.

This may have resulted in an additional group of people who don’t typically gamble in Indiana doing so.

Regrettably, it’s impossible to determine the precise contribution of travelers to the state’s handle. Nevertheless, Indiana welcomes the additional business.

March Madness may have concluded, but itinerant gamblers will continue to contribute in the upcoming months.

Gamblers from Illinois travel to Indiana.

Traveling gamblers from its western neighbor could potentially increase in Indiana.

Mobile sportsbook registration in Illinois has just been terminated by Gov. Pritzker.

Now, gamblers are required to visit certain casinos to register for online sportsbooks, which is a significant hassle.

This is particularly true if you don’t live close to the appropriate casino to register in-person.

The absence of online registration may result in an increase in Illinois gamblers going to Indiana to place their bets.

Before Illinois legalized sports betting, that was the situation, and it might become a reality again now that the state has significantly regressed.

Indiana sports betting experiences a busy April

Indiana gambling will have another significant month in April.

The state’s influence may not attain the same March Madness peaks, but Indiana’s market will continue to grow.

Incorporating new companies is a significant aspect of that future growth.

WynnBET commenced operations in Indiana on April 1, and Barstool Sportsbook aims to launch before the month concludes.

SBK Sportsbook may also become a part of the mix, potentially bringing Indiana’s total number of online sportsbooks to 13 by the beginning of May.

The comeback of baseball could also influence the sports betting figures for April.

The first full month of baseball, following the MLB Opening Day on April 1, will reveal the extent of betting interest in the sport among Hoosiers.

The pandemic’s delay of the 2020 season has prevented us from fully examining the impact of baseball on Indiana’s statistics during this period of the year.

Thus, even though Indiana is navigating uncharted waters, the state should anticipate another significant month.