Indiana’s sports betting volume slipped below $250 million in June even as revenue jumped to more than $25 million, a welcome result considering the state’s sportsbooks found little help from local events to drive interest in bettors, according to PlayIndiana, which tracks the state’s gaming industry.
“With the early exit by the Pacers from the NBA Playoffs and with no event comparable to the Indianapolis 500, a relatively low-volume month is no surprise,” said Jessica Welman, an analyst for the PlayUSA.com network, which includes PlayIndiana.com. “Overall, Indiana’s sportsbooks have performed well over the last three months compared with other Midwestern states, which have so far experienced steeper declines in betting volume.”
Online and retail sportsbooks accepted $246.3 million in wagers in June, down 3.2% from $254.4 million in May, according to official reporting released Monday. Despite the drop, average betting volume remained at $8.2 million per day over the 30 days in June, equaling the 31-day average in May.
The good news is that sportsbooks generated $26.7 million in gross gaming revenue from June’s wagering, which was up 48.5% from $18.0 million in May. Adjusted gross revenue came in at $25.5 million, yielding $2.4 million in state taxes.
The last three months — typically three of the slowest sports betting months of the year — have been a mixed bag for Indiana. Without meaningful year-over-year data to compare with, a product of market distortions caused by the pandemic, Indiana’s start to the slow season in sports betting can be difficult to quantify. But Indiana’s 22.2% decline from $316.7 million in March has so far been shallower than other Midwestern states with legal sports betting, including Iowa (down 31.1% from March to June) and Michigan (down 32.8% from March to May), though similar to Illinois (down 19.9% from March to May).
Some of that can be attributed to local boosts, including the Indiana Pacers appearance in the NBA’s play-in round in May and the Indianapolis 500. The popularity of basketball in Indiana, which attracted $77 million in bets in June, has helped. But Indiana’s maturity as a market has sheltered the industry from more dramatic seasonal shifts, too.
“In many ways, Indiana is a model U.S. sports betting market,” said Nicole Russo, analyst for Playindiana.com. “Its regulatory structure continues to foster a healthy, competitive industry — one that manages the seasonal swings of sports betting better than most and allows it to grow even as competition from neighboring states expands.”
In June, 88.7% of all bets were made online, totaling $218.4 million. That’s down from 89.8% in May.
