Indiana sees Record Betting in October
Indiana sees Record Betting in October
Indiana saw a second consecutive record-breaking month as the state revealed its October’s sports betting handle to be $461.1 million. This was a 29.7% increase from the previous record month when Indiana handled $335.4 million in September.
Here at BestAppBet, we pride ourselves on our sportsbook knowledge, as you can see from our sportsbook reviews. So, we’re going to take a deep dive into the numbers behind this handle to see what they truly mean for sports betting in Indiana.
Why was October so Successful?
It’s essential to understand the factors behind October being such a successful month for sports betting. From the data, it appears it was largely down to the increase in sports as new Major League seasons kicked off.
Football Betting
In October, the most significant portion of the betting handle came from bets on the football, whether on the NFL or NCAAF. Both competitions had five full weeks of matches, which gave bettors more opportunities to place wagers.
The results of a whole month of football were clear to see in the 18.4% increase in bets compared to the previous month. October saw $175.8 million staked on football, which accounted for 38% of all wagers placed in the month.
The NFL has a greater focus on betting this year countrywide, with televised coverage now incorporating moneylines and spreads into the analysis of games. There has also been a more significant push for sports betting advertising. The number of adverts shown between plays and timeouts has increased hugely.
In addition, franchises have been signing deals with sportsbooks. For example, the Indianapolis Colts have signed agreements with Caesar’s Sportsbook and WynnBET in recent years. All of this has created a perfect storm, and the NFL has quickly become America’s biggest sports betting market.
The NBA Season
The NBA also tipped off during October, and bettors rushed to bet on the Indiana Pacers and other NBA teams. Unsurprisingly there was a massive jump in basketball betting of over 100% from September when the season wasn’t being played. Basketball wagers accounted for $53.5 million of the handle.
The NBA season only started halfway through the month, so based on what we’ve seen from football betting, it wouldn’t be a surprise to see the number of NBA bets increase next month. With a full complement of games played in November, basketball betting will only grow in Indiana.
Revenue
Despite handling more bets in October, Indiana’s record month for gross revenue remains September. Comparatively, the state took $33.3 million in revenue in September, whereas October marked a drop to $27.8 million. That’s a difference of 16.4%.
Is this a cause for concern for Indiana? Not at all, as comparing this revenue to that of the October 2020 haul paints a much more positive picture. Last year the state only brought in $25.1 million, and this year marks a 10.9% percent increase on that.
Although we are sure there will be some enquiry as to why revenue dropped so dramatically in a record-breaking month, experts have been pleased to see the continuous growth Indiana is demonstrating.
Plans for the Future
Sports betting is a market that just keeps growing, and Indiana is doing its best to keep up with that demand. Soon three more sportsbooks will be allowed to operate in Indiana, bringing the total number of licenses up to fifteen. The state will be hard-pressed to continue to break records month on month, but it’s clear to see that the growth will continue.
Safe Sports Betting in Indiana
In 2018 the US Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA), allowing states to legalise online sports betting if they chose to. Sports betting has been live in Indiana since 2019. So, if you are betting with a state-regulated sportsbook, you should feel secure in its safety and legality.
If you are in Indiana and want to try out a sportsbook for yourself, here at BestAppBet, we have you covered. Click here to see our list of the best sportsbooks you can use in Indiana. Make sure you are of legal gambling age, download a sportsbook app to your mobile, and join in the fun.
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