Indiana Sportsbook Handle Drops in January, Revenues Up from Year Ago

Indiana’s sportsbooks saw betting traffic lessening substantially in January, the world-class month for effectual sports betting inward neighboring Ohio. However, it wasn’t all high-risk intelligence for Hoosier operators.

The retail sportsbooks and online wagering apps reported a grip of $427.2 meg and adjusted receipts revenues (AGR) of $36.5 meg for the world-class month of 2023.

The January palm was down feather most 1% from the December palm of $431.4 million, and revenues felled seam past 14.5% from the $42.7 billion the operators self-contained that month.

However, compared to Jan 2022, in conclusion month’s hold strike down past to a greater extent than 14% from the all-time monthly book handgrip of $500.1 million the province produced a twelvemonth ago. Despite that larger handle, though, Indiana’s sportsbooks saw revenues increment by almost $886,000 last month.

Indiana taxes AGR at 9.5%, substance the land received $3.4 one thousand thousand in revenue endure month.

Retail Sportsbooks Near Cincy Take Hit

With sports betting sound inwards Buckeye State as of January 1, it meant that several operators inward Robert Indiana would likely turn a loss a undecomposed chunk of their business. That’s especially confessedly for retail sportsbooks inward the state’s southeasterly corner, the closest neighborhood to the Cincinnati market.

Besides 16 wandering apps and hundreds of sports betting kiosks at lottery retailers inwards Ohio, thither are Little Joe retail sportsbooks useable in Cincinnati: ones at Miami Valley Racing and Gaming and Hollywood Gaming at Dayton Raceway. Those testament likely assist customers who were antecedently traveling to IN to pee-pee their bets.

And IN retail sportsbooks in the neighborhood did insure freehanded drops. Hollywood Lawrenceburg, which is set well-nigh a Roman mile away from the OH body politic line, reported a hold of $6.5 meg lastly month. That’s compared to a hold of $13.6 meg inwards December 2022 and $13.2 one thousand thousand inwards Jan 2022.

Belterra Casino in Florence, placed almost an hour southward of Cincinnati, had a handle of $492,111 cobbler's last month. That was downward from $649,717 inward December and $725,092 in January 2022.

Horseshoe Indianapolis inward Shelbyville, located around an hr northeast of Cincinnati, reported a handle of $862,292 lastly month. That was cut down from the $1.2 trillion inwards bets it took inwards Dec and the $1.1 one thousand thousand it took a yr ago.

Not all operators saw their handles accept a hit. FanDuel and DraftKings, the ii largest players inwards Indiana, saw betting traffic growth slightly from December. FanDuel’s Jan handle of $142.3 1000000 was upwards from the $137.8 million it recognized in December, spell DraftKings went from $134.8 meg inward Dec to $139.6 finally year.

Parlaying Success inwards Indiana

So, if Indiana’s sportsbooks took less money inwards wagers, what power explicate wherefore lowest month was more profitable than a year ago? The resolve to that oppugn is likely an increase inwards parlay wagers.

US sportsbooks make emphasized parlay wagers, or bets that include multiple legs. Those bets typically tender more remunerative odds, but they require the better non to misfire on any leg. As a result, sportsbooks lean to win a higher pct of parlay bets compared to single wagers.

Indiana does not prisonbreak knock down sportsbook revenue past wager types, but it does separate pull down unaudited palm by bets placed on football, basketball, baseball, other sports, and parlays. Last month, nearly 30% of all money wagered in Indiana sportsbooks, $124.7 million, was bet on parlays. In December, that portion was 27.6%, or $119 million, and inward January 2022, the $122.6 trillion wagered on parlays equaled less than a billet of the money wagered inwards the state.

So, as long as bettors keep betting more on parlays, Hoosier State testament likely non consider revenue enhancement revenues sustain yet as sports betting handles uphold to drop.

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