PointsBet Launching In Indiana In Time For March Madness

Today, the Indiana Gaming Commission (IGC) approved PointsBet, paving the way for it to become the sixth online sportsbook in Indiana.

Having finally received approval, PointsBet will commence business across the state from March 5.

In January, PointsBet obtained its temporary vendor license from the IGC. The sportsbook aspired to launch in Indiana prior to the commencement of March Madness and the significant increase in college basketball betting.

Since PointsBet has achieved that goal more than a week ahead of schedule, it will be competing to generate business from the tournament.

Once officially launched, PointsBet will have DraftKings, FanDuel, BetRivers, BetAmerica, and BetMGM as its competitors in that regard.

The Australia-based sportsbook will be launching in Indiana, making it the third state to do so, following Iowa and New Jersey.

Hollywood Casino Lawrenceburg formed a partnership with PointsBet.

PointsBet’s land-based partner is Hollywood Casino in Lawrenceburg, Indiana.

PointsBet inked a contract with casino operator Penn National last year. As Penn is the owner of Hollywood Casino, this implies that PointsBet will operate the sportsbook for the forthcoming 20 years.

The retail sportsbook at Hollywood Casino is already operational, however, PointsBet is set to take over, including managing the online operations. This transition is likely to occur soon, especially now that PointsBet is prepared for its online debut.

PointsBet and Hollywood Casino are in a robust position.

Even without an operational online sportsbook, Hollywood Casino still ranked fifth in total handle among all Indiana casinos in January.

During that period, the nearly $8 million it earned almost surpassed the combined revenues of French Lick Casino and its online partner BetRivers.

The key difference between French Lick and Hollywood lies in their revenue sources. In January, about 94% of French Lick’s handle came from online betting, specifically BetRivers.

All of Hollywood Casino’s business has previously come through the retail side, as it did not have an online sportsbook until now.

To compare, Hollywood Casino earned only $40,000 less than BetRivers across the entire state in January, demonstrating its significant strength as a retail player.

The casino’s closeness to Ohio has undoubtedly contributed to its status. The Hollywood Casino is also just a thirty-minute drive from Cincinnati, OH. This advantageous location makes it easy to attract customers from beyond the borders of the Hoosier State.

Now that PointsBet is prepared for action, it will only enhance the handle of Hollywood Casino.

The NBA partnership will give PointsBet a boost.

Basketball country’s heart, Indiana, raked in nearly $60 million from basketball bets in January alone.

The number probably rose in February, but it’s impossible to confirm until the IGC publishes the revenue report for that month.

The partnership between PointsBet and the NBA will aid the company in leveraging opportunities. The company has even enlisted Hall of Fame guard, Allen Iverson, as a company ambassador.

Sportsbook’s brand recognition is enhanced by such moves.

However, PointsBet is not the only firm aiming to maximize the benefit from Indiana’s passion for basketball.

DraftKings has already secured a deal to be the official sportsbook for the Indiana Pacers.

DraftKings gets a competitive edge since the Pacers are the only NBA team in the state.

The partnership between PointsBet and the league will still be beneficial, even without the involvement of the Pacers.

This tool will assist PointsBet and Hollywood Lawrenceburg in surpassing other casinos in Indiana to become a leading contender in the state.