The sports betting industry in the state of Indiana is still less than one year old, but it just hit a huge milestone in July. The July numbers are in, and Indiana has surpassed the $1 billion mark in total betting handle.
Indiana saw a huge decline in sports betting during the first few months of the pandemic, but there has been a recent surge in the industry. With almost all of the live sports now back up and running, the industry should continue to bring in huge numbers.
The total betting handle during July was $70.9 million, and that was more than a 137 percent increase from June. Major sports only took place for a little over a week in July, but other sporting events continued to bring in some revenue.
Revenue in Indiana also saw a significant jump during July, and the final number was reported at $6.7 million. Casinos are now open in the state, and total casino revenue saw a major jump as well.
One of Indiana’s advantages over other states is that they don’t require in-person registration to bet on mobile devices. This allows residents to place bets from anywhere in the state on their mobile devices.
Major League Baseball and the National Basketball Association resumed their seasons in July, which was part of the jump. Baseball betting handle totaled at $14.5 million, and the basketball handle was $5.8 million.
Both sports were joined by the return of the National Hockey League in August, and these three major professional sports should carry the market this month. Both the NBA and NHL will be in the playoff portion of their seasons, which always brings in extra bets.
The “other” sports category continued to lead the way in July, just as it has during the entire pandemic. The “other” category was responsible for $33.4 million in betting handle during July.
Indiana was expected to have a strong sports betting market, but achieving these numbers during a pandemic is staggering.
Will Illinois Provide Competition?
The Midwest region of the United States has seen tremendous growth in the sports betting industry since the middle of 2019. That includes Indiana’s neighbor to the West, Illinois.
Illinois launched sports betting on March 9, but the coronavirus pandemic shut things down before it was even a week old. Now the state has reopened the casinos, and sports betting is starting to take off.
It stands to reason that Illinois could potentially start to steal some business from Indiana, but certain laws and regulations could keep that from happening. Illinois requires in-person registration before placing any mobile bets, and there are also currently just two mobile sportsbooks up and running.
Residents of Chicago can travel East to Indiana to place their bets, which is much easier than trying to drive to a casino in Illinois. Eventually, the in-person registration requirement will be lifted, but it appears that Indiana is safe for now.