At long last, another new online sports betting app is coming to the Hoosier State. The Indiana Gaming Commission officially approved an application from WynnBET earlier in the week, and the approval gives Wynnbet the ability to launch on or anytime after March 25th.
To gain access into the Indiana market, WynnBET created a partnership with Full House Resorts, Inc. Full House operates the Rising Star Casino Resort in Indiana and reached a deal with WynnBET back in 2019 for the rights to the online skin.
This is now the fifth state for WynnBET to offer sports betting, joining Colorado, Michigan, Virginia, and New Jersey. Both Michigan and Virginia just launched online sports betting in January, so there has been plenty of recent growth for the company.
WynnBET is the sports betting arm of Wynn Resorts, a large casino company located in Las Vegas.
Now Ten Options
With the launch of WynnBET, there are now ten sports betting apps live and available in Indiana. WynnBET is the first online sportsbook app to launch in 2021, but there could be more joining the market in the coming months.
Even though this is a popular name in the sports betting industry, finding success in Indiana might be a challenge for WynnBET. There are already some big names in the market, and those names continue to dominate the total handle and revenue numbers each month.
In January, DraftKings led the way in the state, accounting for more than $122 million in total sports betting handle. Fanduel ($89 million) and BetMGM (52.4) million were next on the list, and the top-three has remained constant for several months.
February Numbers Declined
After Indiana had set new sports betting records for five straight months, February was a disappointing month for the industry. Both total sports betting handle and sports betting revenue declined, and several factors contributed to the lower numbers.
Sports betting handle fell to just $273 million during February after nearing $350 million in January. A shorter month with less NFL action was a contributing factor, but Indiana is also facing stiff competition from both Illinois and Michigan.
Indiana is still a Top 10 sports betting market in the U.S., and it has the potential to grow more in 2021 and beyond.
March Madness Providing Boost
The official March sports betting numbers won’t be released by the Indiana Gaming Commission until some time in April, but they are expected to be impressive. Most retail sportsbooks are now operating with loosened restrictions, and business should be booming in March.
The entire 2021 NCAA Men’s Basketball Tournament is being played in Indiana, and that has brought visitors and tourists to the Indianapolis area. These sports fans are expected to register for new accounts and make large amounts of wagers, which will boost numbers.
Online sports betting will continue to be the most popular form of betting in the state, but casinos and retail sportsbooks will be a popular location for watching March Madness games this month.