Indiana’s sports betting revenue numbers are in, and sportsbooks expectedly slowed in February from the record $500.1 million wagered in January. The month-over-month drop was a direct result of football ending and a 28-day month, according to PlayIndiana.com.
In total, retail and online sportsbooks generated $17.0 million in revenue on $409.1 million in wagering in February. Despite the drop from January, revenue was up 6.9% from $15.9 million in February 2021; wagering was up 49.4% from $273.9 million. Fewer days in the month and a significant loss of NFL inventory — even with the Super Bowl — meant a month-over-month drop was inevitable. In February, $30.1 million was wagered on football, the overwhelming majority of that on the Super Bowl. By comparison, January football generated $118.3 million.

“As big as the Super Bowl is, there is no substitute for five full weekends of football games, as there were in January. For that reason, February is always a slower month than January. Still, Indiana’s sports betting industry remains in excellent shape, said Jake Garza, lead analyst for PlayIndiana.com.  “The largest sports betting holiday in the U.S. — the NCAA tournament — is just ahead. With Purdue, Notre Dame, and Indiana in the mix, and Indianapolis among the hosts, it would not be surprising to see more records fall in March.”

“Sportsbooks can rest a little easier now that baseball has ended its lockout, ensuring the primary bet generator during the summer months will be in action, noted  Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayIndiana.com. With that concern now behind them, operators can look forward to the first truly normal sports year since 2019.”