After a record-breaking January, the Indiana sports betting handle saw a decrease of 18.2% in February.
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January saw the state bring in more than $500 million but February was closer to $400 million, bringing in $409,109,104.
This February total was 49.4% higher than the February 2021 total, however.
With this decrease in total sports betting handle, mobile wagering saw a decline, posting a 17.2% loss, going from $465,487,501 in January to $385,497,672 in February.
This 18.2% total handle loss also perpetuated a 52.3% loss in February sports betting revenue (taxable adjusted gross revenue). The sportsbooks posted a combined $35,572,355 in January, but finished well under $20 million, with $16,958,339 in February.
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The sharp decline in revenue reflected the losses in state taxes, bringing in $1,611,042 in February compared to $3,379,374 in January, posting an equal percentage loss of 52.3%.
Land-based casinos in the state combined for $201,308,246, with a taxable AGR of $187,230,084. These figures represent table games, plus electronic gaming devices.
Indiana Sports Betting, February vs. January
|Total handle||Mobile handle||Revenue(taxable AGR)|
|Change||Down 18.2%||Down 17.2%||Down 52.3%|
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Fewer Sporting Events Lead to Decline
In January, Indiana had plenty of homegrown teams still playing and competing, including the Indianapolis Colts (NFL) and the Purdue Boilermakers (NCAA).
The state was also home to the College Football National Championship, playing at the Colts’ home stadium in Indianapolis.
While the Super Bowl betting took place in February, the Colts were not featured.
The state still has the Indiana Pacers in the NBA, but they are a 22-45 team, so betting from residents of the state could be diminishing, too.
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Indiana iGaming Update
House Bills 1337 and 1356 were proposed to legalize iGaming in Indiana. As part of this legislation, it would have legalized online games such as blackjack, slots, poker, and “gambling games typically offered in a casino”.
However, these bills did not get through the committee.
“Those bills did not pass their committee by the deadline,” the spokesperson said in an email sent to TopUSCasinos.com. “However, language from those bills could potentially appear in other bills still going through the legislative process. So, there’s still a chance they could become law in some form.”
The Indiana General Assembly is in session until March 14, so there’s not a lot of time left.
HB1337 would have allowed license owners of riverboat casinos and racetrack permit holders to conduct interactive gaming, whereas HB1356 would have allowed online casino wagering to be allowed for licensed riverboat casinos starting in July.
There was a study, which was commissioned by iDEA Growth and Casino Association of Indiana, that illustrated the passage of iGaming would raise nearly “$500 million in new tax revenues”. This idea was based on the content in HB1356.
Minus a last-minute revisit, iGaming in Indiana may need to be put on hold.
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