Indiana’s May Handle Dropped, but Still Surpassed $200 million
Although May wasn’t the state’s highest handle, Indiana sportsbooks still managed to bring in more revenue than they did in April. The 12 casinos throughout the state combined for a win of $211.9 million. This is the fourth month in a row in which Indiana has brought in over $200 million in revenue.
In April, $360 million went into betting, although Indiana sportsbooks won $2 million less than they did in May. Last month, $308.4 million was wagered, and sportsbooks won $30.7 million of it. However, compared to last year, the state’s total wins are down, as in May 2021, the total wins came to $220.8 million compared to this May’s $211.9 million.
Possible Downward Trend for the United States
The gross gaming revenue has been dropping for the past two months in Indiana, and many are worried about what this means for sports betting throughout the rest of the country. Gas prices and inflation aren’t exactly convincing Americans to put more money towards wagering, and analysts think that sportsbooks should probably be expecting a continued decrease in handles.
Barry Jones, a Truist gaming analyst, recently stated:
“While the current environment shows gaming’s resilience, it’s probably naïve to think growth trends may not slow or contract in a recessionary environment with sustainable inflation…This is especially true to the extent we enter unchartered territories on energy costs and other stress points to the consumer”
However, it seems that sportsbooks haven’t had to worry about this so far. Over the past year, Nevada casinos have won more than $1 billion each month, and casinos in other states such as Maryland, Pennsylvania, New Jersey, and Ohio have each reported much higher earnings than they did a year prior.
Online Wagering Takes the Lead
Throughout Indiana, most people are betting through wagering apps. 92.4% of May’s handle in the state was from online sports betting. This total was $284.9 million. But the state may see a drop in online gaming soon, as a few sportsbooks are ending their run in Indiana.
According to Penn National Gaming, theScore Bet is ending its operations in the state pretty soon. Churchill Down Incorporated also stated that its online betting through its TwinSpires division will also be ending. Luckily, neither of these operators were big players in sports betting in the state. TwinSpires brought in only $121k last month, and theScore Bet only $601k.
Where the Money Went
The state’s lower handle in May was most likely due to the end of both the NBA season and the NCAA men’s basketball tournament. In April, basketball brought in $129.2 million, while in May, only $84.5 million was bet on the sport.
Other betting categories were fairly mixed in a month-to-month comparison. Baseball wagers rose 22% in May, but parlays dropped from $91.3 million to $73.1 million. In all other sports combined, bets just barely rose up from April. May totaled $77.2 million in all other categories, while April was $76.5 million. These totals include the bets placed on hockey, golf, and NASCAR.
