Indiana sports betting industry reached its first year last September 1. However, it was not a happy moment for the industry as sportsbooks are still recovering from the pandemic. During its first year, sports wagering in the state earned $1.2 billion that generated $9 million in taxes for the state.
The temporary shutdown of professional sports during the pandemic led to the lower sports wagering handle. However, sports betting pay per head experts still described the first 12 months of the market as an eventful year.
Nearby states have legalized sports betting as well. As a result, Colorado and other states have put more pressure on Indiana’s sports gambling market. In August, Indiana’s retail and online sportsbooks got $169 million in bets. It was the month when hockey, basketball, and baseball resumed their seasons.
Indiana Sports Betting Industry
The highest one-month handle was $187 million in February. It was the last month before the state issued the stay-at-home order. In July, the sports betting industry generated around $934,000 in taxes for the state, according to sports betting software reports.
The sports betting industry rebounded as sports schedules returned in August. It was a busy month for the sports wagering industry throughout the planet. Based on live betting software sources, August’s numbers are indicators that the sports betting industry’s darkest days are over.
However, analysts are warning that Indiana would face more challenges in the next twelve months. The Big Ten canceled its football tournament, and NCAA basketball has an uncertain future.
Indiana sportsbooks are experiencing fierce competition from across the border. Michigan and Illinois have launched their sports betting market. Thus, players from Chicago are staying at home instead of making their bets in Indiana.
Illinois will allow online betting soon, which would affect the industry in Indiana. Thus, sportsbooks need to come up with new ways of attracting players within the state.