The state of Indiana has reported a year-over-year decline in its sports betting handle for the month of January. The sports betting handle, which reflects the total amount wagered on sports events, experienced a decrease of 14.6% compared to the same month in the previous year. The Indiana Gaming Commission has released these figures, shedding light on the trends and performance of the state’s sports betting industry.
Decline in Betting Activity:
In January, Indiana’s sports betting handle stood at $427.1 million, marking a decline of 14.6% from the record high of $500.1 million recorded in January 2022. Additionally, there was a minor decrease of 1% compared to the previous month’s handle of $431.4 million. The decline in betting activity during January indicates a shift in consumer behavior and preferences within the sports betting market.
Adjusted Gross Revenue and Tax Receipts:
Operators in Indiana registered approximately $36.5 million in adjusted gross revenue from sports betting activities in January. This revenue figure reflects the earnings after accounting for adjustments. The state received nearly $3.5 million in tax receipts from the sports betting revenue generated during the month. However, this amount was $600,000 lower than the tax receipts received in December.
Cumulative State Tax Revenue:
Since its launch in September 2019, Indiana’s sports wagering industry has contributed significantly to state tax revenue. The cumulative state tax revenue generated from sports wagering activities has surpassed $86.4 million. This revenue stream has contributed to the state’s financial resources and initiatives.
Leading Sportsbook Performances:
Among the sportsbook operators in Indiana, FanDuel emerged as the top performer in January. FanDuel generated $17.5 million in revenue from a handle of $142.3 million. DraftKings followed with $9.2 million in revenue from a handle of $139.6 million. BetMGM recorded $3.5 million in revenue from a handle of $38.2 million, while Caesars Sports earned $1.3 million in revenue from a handle of $33.5 million.
Indiana’s sports betting industry experienced a decline in betting activity during January, with the handle down by 14.6% year-over-year. Despite this decline, the industry remains a significant contributor to state tax revenue, supporting various state initiatives. The performance of individual sportsbook operators highlights the competition within the market and the varying degrees of success among operators. As the sports betting landscape continues to evolve, Indiana’s regulatory bodies and operators will likely focus on strategies to attract and engage bettors in a competitive environment.