January Indiana Sports Betting Handle Breaks New Record: $347.3m
Contents
January Numbers
January was a massive month for sports betting around the nation. There were NFL playoff bets, including Super Bowl bets being placed, the NBA and NHL had their seasons in full swing, and MLB futures started to heat up. All of this led to a new record for sports betting handle in Indiana at $347.3 million.
To put this number into perspective, December of 2020 held the previous record at $313.1 million. This means that January saw an 11% increase in money placed on sports wagered from that previous record-breaking month. Another great way to look at these numbers is by comparing last year’s January handle, which came in at only $171 million—making 2021’s January handle almost double that of last year’s.
The taxable gross revenue for Indiana was a whopping $29.3 million, which led to $2.78 million in tax revenue for the State of Indiana. This is a huge number when comparing it to other states, even ones with bigger handles.
Currently, DraftKings, FanDuel, BetMGM, BetRivers, and William Hill are all live in the state and make up over 80% of wagers in Indiana. The online betting scene is exploding and thriving in the Hoosier State, and it will continue to grow and grow predominantly online.
Breakdown By Sport
It is no surprise with the NBA season in full swing that Indiana saw basketball lead the way with a handle of over $133 million. However, despite only having a few games in the form of playoff matchups and CFB bowl games, football still took on $77.6 million in total wagers. These two account for the overwhelming majority of bets, especially when you consider that they most likely account for a majority of the $86 million in parlay wagers.
Other sports, such as soccer and hockey, accounted for over $50 million in wagers in the month of January.
How Does Indiana Compare?
Indiana is in somewhat of a hotbed for sports betting, geographically speaking. As of 2021, a lot of major states that are close by, such as Illinois, Michigan, Pennsylvania, Iowa, West Virginia, and Tennessee, are offering sports betting. However, so far, Indiana is keeping pace, especially accounting for income and population.
Pennsylvania, a much larger state, took on $548 million in sports wagers in December. This means that Indiana actually brought in more wagers per capita than the Keystone State. Michigan, which opened its virtual doors for sports betting in late January, saw a sports betting handle of over $30 million in just over a week of mobile betting. Still, Indiana outpaces the Wolverine State for monthly handle at the moment.
One big question for the state will be how the expanded legalization of sports betting affects the numbers. Ohio should be legalizing rather soon, which would make Kentucky the only neighboring state without sports wagering. At the moment, it is unclear how much revenue is being driven by out-of-state bettors, especially with the pandemic; however, there is no doubt that this widespread legalization will make some kind of dent in the amount wagered in Indiana.
