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Having come to Indiana in September 2019, sports betting in the state has continued making gains since the industry bottomed out at the onset of the coronavirus pandemic.
Indiana’s November handle jumped 8.86% from October’s revenue report which was $230,932,251, an all time high at that time. November’s total handle of $251,403,994 sets an all-time high for a state centrally located in the rustbelt, an area that has readily taken to legalize sports betting since the repeal of PASPA.
In October football was far away from the most bet on sport with over $84 million being wagered by sports bettors across the state. Of course, November was no different with $113,482,907 being wagered on football. Basketball was also a popular second place with $17,656,869 being wagered on the sport.
|Sport||Total Amount Wagered in November|
Every state that has legalized sports betting has also entrusted a state government agency with overseeing and enforcing sports betting in their jurisdiction. Many of these enforcement agencies with names such as the Indiana Gaming Commission, have committed themselves to posting monthly reports in order to accurately report on the amount of money wagered or, “handle” that is cast each month.
The handle isn’t the only figure reported on but it is one of the most important as it gauges not only how much money was spent but also how much consumers felt confident is wagering that given month. For instance, during the onset of the coronavirus pandemic handle figures across the country plummeted to record-setting lows, showing investors and market watchers that consumers felt less confident in betting their excess earnings.
With the trend going on unabated in the face of an international pandemic it appears that now is a better time than ever to start betting. Every month since September has posted a record high handle figure.
Conventional knowledge would suggest that with the holidays bearing down on households across Indiana that bettors will be spending money on gifts that in other months they may normally be betting with. However, with the industry being as young as it is every month is an opportunity for sportsbooks to reach new bettors, meaning that even though the average amount wagered per bettor may be lower it is likely that more people will be casting bets, making for an interesting situation. With that in mind, we expect December to be yet another all-time high for Indiana.
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