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In the sports betting world, Indiana is one of the least restrictive states in the U.S., and in October 2021 that translated into a $461.1 million handle, topping the $450 million mark for the first time ever, that’s according to a recent report issued by the Indiana Gaming Commission.
It’s been over two years since Indiana lawmakers made sports betting legal in their state, and in that short amount of time they have become the fifth state to exceed a $450 million handle in a single month, easily breaking their previous record of $355.4 million set in September.
In sports betting, the ‘handle’ is the amount of money in wagers accepted over a specific period and given that Hoosier State bettors are permitted to place bets on pro sports plus make in-game wagers on Indiana college matchups and on non-sports competitions like the Oscars, it’s no wonder they are breaking records.
A basic breakdown between online and retail handles shows the vast size difference between the two growing markets:
It’s an evolving industry that involves multiple sportsbooks.
Of the dozen sportsbooks that have already launched in Indiana, the two that did the best in October were DraftKings, who took in $150.7 million worth of wagers, and FanDuel, who did $113.3 million worth of business.
Through September 2021, those Indiana sportsbooks combined to generate $2.4 billion in wagering and $206.6 million in gross gaming revenue, with $2.6 million in state taxes generated in October alone, much-needed money for a state still reeling from financial struggles due to the pandemic.
And it looks like soon even more sportsbooks will be coming to Indiana to set up shop.
The growth of Indiana’s sports betting market is still happening, with three more online sportsbooks reportedly making plans on launching there soon:
Indiana Governor Eric Holcomb, who has been an early advocate of bringing legal sports betting to his state, is ecstatic over the success of this new market not only for the increased revenue it brings in, but also for the jobs it has created, saying:
By modernizing our laws, this legislation will spur positive economic growth for our state and for an industry that employs over 11,000 Hoosiers. Additionally, it will bring in new revenue and create hundreds of new jobs – both permanent and in construction.
Indiana, along with over half of the states in the U.S., is realizing that as long as money is being spent on gambling, it makes fiscal sense to legalize, regulate, and tax that revenue stream and bring those financial benefits back to the residents.
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Mike Lukas is a retired standup comedian turned freelance writer now living in Dallas, Texas, originally from Cleveland, Ohio. His love for the game of football and all things Cleveland Browns turned Mike into a pro blogger years ago. Now Mike enjoys writing about all thirty-two NFL teams, hoping to help football gamblers gain a slight edge in their pursuit of the perfect wager. Email: [email protected]More info on Mike Lukas
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