Indiana and Pennsylvania Post Strong October Revenue Figures
Indiana and Pennsylvania’s sports betting market continues to prosper as the sportsbooks in both states enjoyed surging revenue numbers in October, as they took advantage of football’s second full month of the 2019 season.
For Pennsylvania online sports betting operators, October marked the first time that the state crossed the $200 million thresholds as customers used online mobile apps at the highest rate ever for a month.
In Indiana, bettors created a new record in handle taken by the sportsbooks as $91.7 million was wagered on sporting events, a jump of close to three times the handle taken last month. In September, Indiana sportsbook operators took in $34.5 million in total wagers.
Why Did Indiana’s Betting Revenue Jump to Record Highs In October?
One of the biggest reasons that betting revenue surged in October in Indiana was the use of mobile apps. As more customers become comfortable with mobile apps, revenue figures have begun to see the dividends as $48 million in October was bet online. In contrast, in-person betting in the Hoosier State reached just $43.7 million in total wagers.
Against the $91.7 million in total handle of Indiana sportsbooks in October, the state received just about $1 million in tax revenue, a raise of $200,000 from last month. In September, the state collected $800,000 in total taxes from the winnings of Indiana’s casinos from sports betting.
Football was the main draw for Indiana bettors over October, with $41 million of total bets coming from college and NFL football. The MLB playoffs also helped boost the sportsbooks with $10.5 million in total betting over the season’s final month of baseball.
The Indiana figures are expected to continue to rise as more casinos offer mobile apps to customers. Caesars Entertainment, the state’s biggest gaming operator, is close to offering an app to bettors.
“Our guests are eagerly awaiting (a mobile app) and we’re definitely encouraged by the numbers that mobile is putting up in Indiana,” Noah Hirsch, VP of the Hammond Horseshoe Casino, owned by Caesars, told Local12 News. “We’ll definitely want to have a piece of that as well.”
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How has Online Betting Helped Pennsylvania’s Sportsbooks?
Sports betting online in Pennsylvania is beginning to show steady and prolific gains as the state crossed the $200 million thresholds for the first time in the state’s betting history.
State officials believe that the arrival of DraftKings in the Pennsylvania gaming market this month could push November’s numbers even higher than October. Especially considering that the state’s home teams of the NBA’s Sixers, NHL’s Flyers and Penguins, and the NFL’s Eagles and Steelers are all in full swing.
Sportsbooks accepted $241.2 million in total bets for the month of October, up almost 24% over September. Last month, the sportsbooks collected $194.5 million in total wagers.
Online betting in the state accounted for 82% of all bets accepted by operators over the month. The five online sportsbooks in Pennsylvania collected $198.7 million in total wagers via mobile apps in October.
With the recent arrival of Fox Bet and DraftKings, the Pennsylvania sports betting market has become more crowded, leading to better offers from companies to customers and improved technology offerings. As a result, the future of the state’s gaming industry could become more fragmented but stronger as a whole.