While the global sports betting sector is gradually picking pace, Indiana is taking its time to recover. A report by PlayIndiana shows that the state’s sports betting volume went below the 250 million dollars mark in June. However, its revenue jumped over 25 million dollars after the support from frequent local events.
The state recently witnessed several local events that attracted bettors’ interest, helping the gaming industry. Jessica Welman (PlayUSA.com network’s analyst) stated after the Pacers’ quick exit from the NBA playoffs, Indiana’s sports betting sector faced a grim month. Compared to the Indianapolis 500, there are no upcoming major events for the state. Still, the state’s sportsbooks have generated a considerable profit in the previous three months. In comparison, other Midwestern regions are experiencing huge dips in terms of betting volume.
As per the official PlayIndiana’s report on Monday, June witnessed Indiana garnering over 246.3 million dollars in wagers. The number was down by 3.2% since May where the amount totaled 254.4 million dollars. Despite the decline, the routine betting volume for the state maintained an average of 8.2 million dollars every day throughout June. The numbers are equal to the 31-day period in May, which is not half bad given the market’s condition.
Indiana can still cherish the silver lining that the state generated over 36.7 million dollars in GGR (gross gaming revenue) in June. The amount witnessed a staggering 48.5% growth compared to the 18 million dollars in May. The net revenue amounted to 25.5 million dollars, accounting for 2.4 million dollars in taxes for the state.
April, May, and June are considered the slowest months for the sports betting industry. Indiana cleared the period with mixed results. Unfortunately, there is no viable yearly data to compare with as 2020 was a complete shutdown for the state. In addition, the season started slow for the state, making the assessment even tougher.
However, the state’s 22.7% dip since March’s 316.7 million dollars is decency compared to the other states. The majority of the midwestern states experienced a huge dip in terms of betting volume and revenue. Here is an overview of the numbers for the states:
- Iowa went down 31.1% since March
- Michigan went down 32.8% since March
- Illinois went down 19.9% since March
Indiana’s local operators are the primary reason behind the state’s sustainability. Moreover, basketball is immensely popular in the state, which garnered over 77 million dollars worth of bets in June. However, the state has showcased stability through even worse periods. DraftKings was the top contributor in the online betting volume with 75.6 million dollars worth of bets. Reasons like this allow the state to manage seasonal swings and growing competition properly.