{"id":158076,"date":"2020-12-10T23:57:15","date_gmt":"2020-12-11T07:57:15","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=158076"},"modified":"2020-12-11T11:50:13","modified_gmt":"2020-12-11T19:50:13","slug":"indiana-sports-betting-continues-growing-despite-increased-competition-as-november-handle-exceeds-250m","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/indiana-sports-betting-continues-growing-despite-increased-competition-as-november-handle-exceeds-250m\/","title":{"rendered":"Indiana Sports Betting November Handle Exceeds $250M As Competition Increases"},"content":{"rendered":"

Indiana once again reported a record-breaking monthly sports betting handle, with the Midwestern state breaking the quarter-billion dollar barrier for the first time. And even as competition from neighboring states emerges, an industry analyst and a gaming executive believe the Hoosier state market still has plenty of room for growth.<\/p>\n

\"Indiana
Even as neighboring states launch sports betting, Indiana’s market is not at a crossroads. The state’s sportsbooks reported a handle of $251.4 million for November. That’s Indiana’s third consecutive record-breaking month. (Image: Mark Goebel\/Wikimedia Commons)<\/figcaption><\/figure>\n

The state\u2019s casinos, racinos, off-track betting parlors, and mobile sports betting apps reported a combined handle of $251.4 million for November, according to data released by the Indiana Gaming Commission on Thursday. That\u2019s an increase of about $20.5 million from the October handle, which itself was the previous high-water mark.<\/p>\n

Mobile sports apps handled 85 percent of all money wagered last month.<\/p>\n

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Since the resumption of major professional and college sports in July, Indiana sports betting<\/a> has picked up where it left off from before the COVID-19 pandemic. November\u2019s record-setting handle marked the fifth straight month of increased betting on sports in the state. And the last three monthly handles each set new records.<\/p>\n<\/div>\n

The hold of 10.1 percent is the highest since sportsbooks reported a margin of 12.5 percent in October 2019. The high margin may likely be due to futures wagers placed on pro and college football teams, as well as college basketball teams. While sportsbooks report those bets in the handle now, they cannot report revenue until those seasons conclude.<\/p>\n

\"Indiana<\/p>\n

A detailed breakdown of handle by licensee is included in the map below.<\/p>\n

Growth Fueled by Increased Awareness, Acceptance<\/h2>\n

During its first year after legalizing sports betting, Indiana served as the fourth-largest legal US market. Its handles trailed only Nevada, New Jersey, and Pennsylvania. The emergence of sportsbooks in Colorado and Illinois have since given Indiana competition for that spot. Neighboring Illinois supplanted them in September when that state’s books broke the $300 million handle mark. In addition, Michigan, Indiana’s neighbor to the north, plans to allow online sports betting in the coming weeks.<\/p>\n

Prior to Illinois launching sports betting earlier this year, bettors in that state, primarily in the Chicago market, were key customers for Indiana\u2019s sports betting apps and sportsbooks in the northwest corner. However, even as the Chicago market appears to dry up for Indiana, the state\u2019s licensees are still making gains.<\/p>\n

DraftKings, Indiana’s top sportsbook by handle, reported its best month in Indiana last month, with a handle of $95.2 million. FanDuel, the second-largest, also reported its best handle, with $64.2 million wagered.<\/p>\n

David Isaacson serves as vice president of Spectrum Gaming Capital, a gaming industry research and consulting group. He told Casino.org<\/em> in an interview that the increase in handle even as neighboring states launch sports betting is a result of increased awareness and acceptance in the state.<\/p>\n

Experienced gamblers are the first users. But as the sportsbooks promote themselves across the state, Isaacson said they begin to pick up the sports fans not as engaged in gaming who begin to see it as a way to enhance their experience.<\/p>\n

\u201cThere’s an onboarding process,\u201d he added. \u201cAnd then there’s a spend per year, or per customer, that is going to increase as the years go by. People get more comfortable and just continue to do it more and more.\u201d
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