Indiana’s sportsbooks saw a decrease in revenue last month as most major sports were still suspended. The state saw $29.8 million in sports wagers in June, down more than 20% from the previous month’s handle.
According to PlayIndiana.com, the state’s June total was $145 million below what would have been expected had all summer sports been operating like normal. The gaming analysis website says the industry continues to inch forward with an uptick in futures betting, the reopening of casinos and sportsbooks, and major sports leagues resuming competition soon.
“June historically is a slow month for sports betting, but the return of major sports are huge for Indiana’s sportsbooks, obviously, and we already see the momentum with a boost in futures betting,” said Dustin Gouker, lead analyst for PlayIndiana.com. “A surge in betting should come as major sports move closer. In fact, with pent-up demand and truncated seasons that shorten the wait for a potential payout, futures betting could prove particularly enticing.”
The online market accounted for 98%, or $29.1 million, of June’s handle. DraftKings/Ameristar Casino led its online competitors with $18.2 million in bets, down from $20.1 million in May. That handle yielded $1.6 million in gross receipts, down from $1.8 million. FanDuel/Blue Chip Casino remained second with its $7.9 million handle in June, down from $12.3 million.
PlayIndiana says Hoosier casinos brought in nearly $560,000 from in-person wagers which, while a small amount, marks an “important milestone” toward recovery. Hollywood Hotel & Casino Lawrenceburg led the state with nearly $324,000 in in-person betting.
“The reopening of the retail market is important not only because it means significant new revenue for operators, but it also signals that the gaming industry is on the mend,” Gouker said. “Many challenges lie ahead for the industry, and the revenue lost can’t instantly be replaced. But things are headed in the right direction.”