Indiana Generated $35 Million from Sports Betting in the First Month

By Matt Speakman,
Betting Expert at online-gambling.com

Matt Speakman Betting Expert at online-gambling.com

A die-hard fan of the Patriots, Matt Speakman is an expert on everything related to sports betting and DFS sites. Over the years, he has proven a valuable asset for our team at online-gambling.com. You can find Speakman's professional tips and tricks in any of his many articles on the website.

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Last updated: December 2, 2019

Indiana is going great when it comes to sports betting! In its first month since sports betting has been legally regulated, it managed to generate amazing $35,215,416 while the total taxable Adjusted Gross Revenue (AGR) was $8,558,974.

Man holding dollars © eatenbyflowers/Unsplash

What’s even more amazing is the fact that despite Indiana has 13 brick-and-mortar sportsbooks, the financial report for its first month (September) includes finances from only 10 retail locations from which 8 of them gathered a handle of $1 million or even more.

Another interesting thing about this report is that it showed that casinos and sportsbooks bordering state or a big city usually generate more profit than those which are located centrally in Indiana indicating that bettors are willing to make a short trip to place their wagers.

Horseshoe Hammond and Ameristar Casino are only 30 miles away from Chicago and they are also the two sportsbooks that led the state in September. Horseshoe Hammond saw a handle of $8,980,989 or a taxable AGR of $2,080,417 while Ameristar Casino generated a $5,411,479 handle with a taxable AGR of $1,275,909.

Hollywood Casino Lawrenceburg, situated only 27 from Cincinnati, Ohio, took in a handle of $5,227,776 for a taxable AGR of $1,235,801. Furthermore, Belterra Casino took in a handle of $709,219 for a taxable AGR of $133,352 while French Lick Resort took only a handle of $939,222 with a taxable AGR of $217,523.

Indiana Launched Its First Two Online Sportsbooks in October

When taken into consideration that Indiana has a smaller market in sports betting compared to New Jersey or Pennsylvania, the numbers generated in their first month are more than good. In fact, the numbers from October’s report are expected to go even higher because this month Indiana officially became the 7th state to adopt online or mobile sports betting.

The big event took place on October 3rd when Indiana launched its first two online sportsbooks.

For people who are not familiar with the sports betting industry, Indiana was the second state this year in May to legalize sports betting right after Montana which legalized sports betting the same month, however, Montana is yet to launch its first sportsbook later this year.

Results have shown that those states which have implemented online sportsbooks received bigger handle than their retail counterparts, a good example for this is the fact that in August, New Jersey’s retail sportsbooks generated a handle of $44,357,272 while its online sportsbook generated a handle of $249,237,590.

Dustin Gouker is very Enthusiastic About Indiana’s Sports Betting Success

Therefore, Indiana is expected to see a similar contrast between the retail sportsbooks and online sportsbooks. Sports betting has been legalized in Indiana in the most suitable time possible, with the NFL and college football in full gear.

“Indiana’s sportsbooks are in their infancy, but their ability to capitalize on the Chicago market did not take long to produce dividends,” – stated Dustin Gouker, lead sports betting industry analyst for PlayIndiana.com.

Gouder also added that Indiana has the largest handle the United States has seen in a state’s first month of legal sports betting confirming once again that Indiana is going strong in the sports betting industry.