March an Easy Win for Indiana Betting Revenue

Indiana Knows How to Win Sports Betting Revenue

The March 2021 revenue report is in, and the state of Indiana is rejoicing; or at least, its tax officers are. Since the state witnessed the launch of its first retail and mobile sportsbooks in September and October of 2019 respectively, this March marked the second highest yielding iGaming revenue month in the market history. There’s no doubt in anyone’s mind where the vast majority of those bets were aimed – the NCAA Basketball “March Madness” Tournament.

Indiana’s legal betting market was open during March of 2020, but things looked a lot different then. That was the month the world first began to shut down, including the closure of all retail casinos and sportsbooks. At that time, online gambling was also legal and widely available in the state, but it wasn’t nearly as popular back then. Most bettors were accustomed to wagering with in-person venues. Now, it’s clear that betting in the digital space has become a socially acceptable, if not mainstream, pastime for sports fans.

Indiana Knows How to Win Sports Betting Revenue

How do you ensure an influx of much-needed revenue? By offering the adult population something they truly desire; in this case, a choice of legal sports betting platforms. And how do you encourage more people to make use of those platforms? By giving them a multitude of attractive reasons to enjoy it. When it comes to the annual March Madness tournament, no other state in the US has covered as many bases as Indiana. Sure, Nevada’s been catering to sports bettors for years, but they can’t claim home turf.

This year, due largely to health-wise travel restrictions, Indiana played host to the entirety of the Men’s and Women’s NCAA Tournament series. From the initial 64, to the Sweet Sixteen, right down to the National Championship games, every single bucket was scored right here in The Hoosier State. If that’s not enough to fire up any local sports fan, I don’t know what is.

Second Highest Monthly Revenue & Handle Overall

The month of March 2021 saw the state’s handful of sports betting operators take in a collective total of $316.7 million in sports wagers. That figure represents a 15.6% increase from the previous month, and a whopping 300% increase compared to March 2020. Overall, it’s the second highest betting month since Indiana legalized the activity in 2019.

As for gross revenue – the amount the sportsbooks gets to keep, after paying out the winners – March earned the betting market $26.3 million; up from $9.3 million in February, and $20.8 million in March 2020. Betting revenue funneled $2.5 million into the state’s tax coffers. That’s more than twice that of February’s monetary harvest, up 55.4% from last month.

The highest earning month for Indiana’s sports gambling market was January 2021. That month alone drew $348.2 million in total wagers, $29.3 million in revenue and $2.8 million in taxes.

Basketball Betting Leads March Bounty

It should come as no surprise that just over half of last month’s revenue was derived from Hoosiers betting on basketball. Indiana is knows for its love of professional and college sports teams, and no doubt for backing them when the odds are favorable enough.

The Indiana Pacers are performing near to even right now. They’re sitting in the middle of the pack in the Eastern Conference. However, fans are getting fired up as the team comes off three straight victories. As for the collegiate side, Hoosiers were disappointed by a notable lack of any local teams in the Men’s or Women’s NCAA Basketball Tournament, but again, having home-court status in every game was a kept their minds, and their money, on the action.

Of the total $316.7 million in bets placed at Indiana sportsbooks in March, $160.7 million (50.74%) went to bets on basketball. Another $77.5 million was placed on parlay wagers. $13.5 million went to football; $1.3 million to baseball; $62.5 million on all other sports bets combined.