Indiana sports betting industry enjoyed a strong first month. Ten sportsbooks opened last month in the Hoosier State and they took in more than $35 million in wagers. Also, the Indiana Gaming Commission said the total gross revenues were around $8.6 million.
Based on the 9.5 percent tax on sports betting revenue, the state earned $813,000 in the first month of legal sports betting. The expanded gaming bill allowed racinos, off-track betting parlors, and casinos to accept wagers on sports.
State officials told 9DollarPerHead.com Pay Per Head that they estimated Indiana sports betting to earn $8.9 million in the fiscal year 2020. Although the tax revenue for the first month was below the projected target, it should be noted that not all sportsbooks opened at the same time.
First Month of Indiana Sports Betting
Indiana legalized sports betting on September 1. Only three casinos launched their sportsbooks that day. The state became the 13th in the United States to offer legal sports wagering. At present, all casinos in the state are accepting sports bets except for one. Rising Star Casino hasn’t provided a launch date for its sportsbook.
Sportsbook pay per head providers are still waiting for lawmakers to open the sports betting market in the state. It will bring more tax revenue because players don’t need to go to casinos to place their bets.
Casinos just outside Chicago are making players cross the state line. In fact, Horseshoe Hammond handled $9million in wagers for its first year. It accounted for more than 25 percent of the Indiana sports betting market even if it opened a couple of days after sports wagering became legal in the state.
Player management is important for sportsbooks. Hollywood Casino near the Ohio state line took in $5.2 million in wagers. Ameristar Casino, another casino near the state border, got $5.4 million in handles.
Analysts from Bookie PPH observed that sportsbooks opened in time for the start of the NFL season. In fact, the sport dominated actions in the state.
