Indiana Sportsbooks Take in Nearly $150 Million in Bets in November as Online Presence Grows, According to PlayIndiana.com Analysts

LAS VEGAS, Dec. 10, 2019 /PRNewswire/ -- Indiana's online and retail sportsbooks easily surpassed $100 million in bets in a month for the first time, as online betting continued to rapidly gain traction in the state during a bustling November, according to analysts for PlayIndiana.com.

"Once online betting begins, the market grows exponentially," said Dustin Gouker, lead analyst for PlayIndiana.com. "Bettors overwhelmingly prefer the convenience and safety of online sportsbooks, and the addition of DraftKings and FanDuel in October was like adding rocket fuel to Indiana's sports betting industry. That is a pattern we have seen in New Jersey and Pennsylvania, in addition to other smaller legal jurisdictions."

With out-of-state bettors continuing to pour into Indiana, the state's retail and online sportsbooks generated a combined $147.3 million in bets in November, up 61% from $91.7 million in October, according to the official report released Tuesday. November's handle produced $9.3 million in adjusted gross revenue, down 19% from $11.5 million in October. The "win" yielded $883,361 in tax revenue for the state.

Not surprisingly with three online sportsbooks operating for all of November, online betting is taking on a rapidly increasing role. DraftKings, FanDuel, and BetRivers combined to generate 65% of the state's handle ? a total of $96.2 million in digital bets ? which was up from 52% in October. And that percentage should continue to grow as more online sportsbooks come online in the coming months.

Operating under the Ameristar Casino license, DraftKings led the online market in November with a $64.1 million handle, up from $39.4 million in October. FanDuel, operating under the Blue Chip Casino license, grew to $23.7 million, up from $2.4 million. BetRivers, operating under the French Lick Resort license, was third with $8.4 million, up from $6.3 million.

"We expect that at least 75% of Indiana's handle will eventually come from online sportsbooks, and that threshold should be met within months," Gouker said. "Another question is who becomes the dominant online operator in Indiana. Right now DraftKings has a leg up, in part because it's a familiar brand and because the Ameristar Casino's close proximity to Chicago. We expect FanDuel to make a run at DraftKings, but it will have to be superior in brand, database, and marketing to overtake them."

The importance of market proximity to Chicago can be seen most clearly in Indiana's retail market. Three of the top five retail sportsbooks are based in casinos near Chicago. In addition, football remains king, accounting for 40% of all November bets in Indiana. And the top six retail sportsbooks are near cities with NFL franchises, including Indianapolis, Chicago, and Cincinnati.

Horseshoe Hammond, near Chicago, topped the Indiana market again with a $13 million November handle, up from $10.7 million. Those bets generated $800,208 in gross receipts, which was down from $1.7 million. Horseshoe Hammond was followed by Hollywood Lawrenceburg, which generated an $8.8 million handle and a $1.1 million win.

"Colts, Bears, and Bengals fans are clearly boosting the handle in nearby casinos during the NFL season," Gouker said. "Those sportsbooks nearest Chicago will continue to have an advantage long after the NFL season ends, both in the retail and online markets."

For more revenue information, visit PlayIndiana.com/revenue.

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SOURCE PlayIndiana.com