The state of Indiana broke a pretty cool sports betting record this month. For the first time ever, the sports betting handle in Indiana surpassed $450 million. Thanks to a full month of five weeks of NFL games and college football, the start of the NBA regular season, and the postseason of the MLB, Indiana really raked in the revenue in the month of October.
Jake Garza, an Analyst for PlayIndiana, said, “Five full weekends of the NFL and college football, the opening of the NBA season, and baseball’s postseason gave sportsbooks a rare convergence of betting inventory in October. To surpass the previous record by so much shows an increasing base of bettors, too. It’s hard to imagine a better start to the football season than what has happened in the last two months.”
It was a big month for Indiana. The state has also become the fifth state in the United States to reach $5 billion in lifetime wagers since launching in 2019. Since launching in 2019, sportsbooks in Indiana have generated $5.1bn in wagering, $412.5m in gross revenue and $78.3m in tax revenue.
According to an official revenue report from the Indiana Gaming Commission, both online and retail sportsbooks in the state of Indiana reported a $461.1 million handle for the month of October. This massive revenue number breaks the previous record set in September, of $355.4 million. The October revenue exceeds this record by more than $100 million, which is an increase of a whopping 29.7%.
Indiana Betting Numbers Off the Charts
Believe it or not, Indiana is only the fifth state to exceed $450 million in sports betting handle in only one month. The other four states are Illinois, New Jersey, Nevada, and Pennsylvania.
In the month of October, online sports bettors placed a massive $411.9 million in bets, which is 89.3% of the total monthly handle. Retail sportsbooks raked in $49.2 million in the state. These are insanely impressive numbers for one single month in the sports betting industry in the midwest.
Eric Ramsey, an analyst for PlayUSA, said that he is very impressed with the numbers Indiana has put up in October. “No state has capitalised on its potential as sports betting market better than Indiana,” he said, “As impressive as some of these records have been, it is also important to remember that Indiana as a market still hasn’t fully matured.”
The state of Indiana currently has 12 online sportsbooks launched and fully functional, and three more are scheduled to launch before 2022. The three top sportsbooks in October were DraftKings Sportsbook, which generated $150.7 million, FanDuel Sportsbook, which generated $113.3 million, and BetMGM, which generated $47.7 million. Most of the October handle was made up of football bets and parlay betting, which massed a total of $303.4 million.
Sports Betting in Indiana Surges to Record $461 Million In Octoberhttps://t.co/aSVHD49l2Y
— Alfonso Straffon (@astraffon) November 15, 2021
These are some impressively massive numbers for the state of Indiana to be racking up in only one singular month, especially considering that their sports betting industry has only been running since 2019. Sports betting is certainly getting more and more popular as more states go through the arduous process of legalizing it and getting sportsbooks launched, up, and running.