Indiana Sports Betting Revenue Surges, While New York Struggles in November

Indiana Sports Betting Revenue Surges, While New York Struggles in November

In a tale of two states, Indiana casinos are celebrating record revenue figures for November, while New York lawmakers are scratching their heads as limited sports betting takes a huge step backward.

For November, Indiana sportsbooks took in a record $147 million in betting handle, just the second full month the Hoosier State since sports betting became legal, a jump of $50 million from October.

But the celebration did not extend to New York as the Empire State posted its lowest revenue figures since sports betting opened in July.

The four commercial sportsbooks in New York generated just $1.3 in tax revenue, a 40% drop from the revenue posted in October ($2.2 million).

Why Did Indiana Sportsbooks Surge in November?

Less than three months into Indiana’s new sports betting frontier, the state’s sportsbooks are encouraged by the early returns but suggest exercising caution as neighboring Michigan and Illinois are both on the verge of legalizing and opening wagering to bettors.

The boost for Indiana can be attributed to the widespread use of online betting as 65% of all wagers were done online in the month of November.

Experts believe that the 65% figure will soon be eclipsed as more bettors become comfortable with the online betting options.

“Once online betting begins, the market grows exponentially,” said Dustin Gouker, analyst for PlayIndiana.com, a Las Vegas-based gaming firm. “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.”

Source: insideindianabusiness.com

With Illinois looking to open betting sometime after the Super Bowl, Indiana will continue to enjoy bettors from other states placing wagers for the not-so-distant future. But that will soon change once Illinois and nearby Michigan open their doors to legal betting.

Michigan lawmakers are awaiting the signature of Governor Gretchen Whitmer on several passed bills that could bring sports betting to the state by the summer.

“Indiana is currently benefiting from a sports betting monopoly in the region, a dynamic that will change as Illinois rolls out sports betting, and as Michigan is set to pass a new law before the end of the year,” Gouker told Inside Indiana Business.

Source: insideindianabusiness.com

Why Did New York Sports Betting Revenue Drop in November?

Even though New York does not report sports betting handle for the state’s four casinos, the report for revenue in November was disappointing to say the least. All four casinos saw a drop in revenue, a staggering realization considering that professional and college football fuel record numbers for casinos all over the country in the fall.

The reduction in revenue could accelerate New York’s plan to offer statewide online sports betting sooner rather than later to bettors. With the government facing a $6 billion dollar deficit in 2020, Governor Andrew Cuomo’s administration will be looking everywhere to find additional funding to lessen the blow of the imbalanced budget.

In states like Pennsylvania and New Jersey, online betting has become the driving force behind record revenue. And although Gov. Cuomo has been resistant to expand betting in the state, the budget shortfall could force his hand and create a quick legalization process.

We've been featured on:
espn logo
reuters logo
cbs-news logo
forbes logo
entrepreneur logo
entrepreneur logo
We only list licensed sportsbooks
WorldSportsNetwork
WorldSportsNetwork
WorldSportsNetwork
WorldSportsNetwork

© Rebel Penguin ApS 2023 (a subsidiary of Gaming Innovation Group Inc.)

We support responsible gambling. If you feel like you're losing control over your gambling experience, call 1-800-GAMBLER (NJ, PA, WV), 1-800-9-WITH-IT (IN), 1-800-BETS-OFF (IA), 1-800-522-4700 (NV), 1-800-522-4700 (CO, TN), 1-855-2CALLGA (IL), 1-800-270-7117 (MI).

WSN.com is registered with the New Jersey Division of Gaming Enforcement (DGE) under affiliate vendor ID 89744, with the Indiana Gaming Commission (IGC) under certificate of registration number SWR-000148, approved by the Pennsylvania Gaming Control Board as a gaming service provider, under certificate registration number 117656-1, possesses a Vendor Minor sports betting license from the Colorado Limited Gaming Control Commission (account number 94414163), granted a vendor registration number VR007603-20-001 by the Michigan Gaming Control Board, an interim Sports Wagering Supplier license, under license number SWS 066, issued by the West Virginia Lottery Commission, a sports betting vendor registration, under registration number #100400, issued by the Director of Gaming Licensing and Investigations of the Virginia Lottery to operate in the State of Virginia, and a Vendor Registration issued by the Sports Wagering Committee of the Tennessee Education Lottery Corporation.

Advertising disclosure: WSN contains links to online retailers on its website. When people click on our affiliate links and make purchases, WSN earns a commission from our partners, including ESPN and various sportsbooks.