Downtown Indianapolis, Indiana. AFP PHOTO / TIMOTHY A. CLARY (Photo by TIMOTHY A. CLARY / AFP)
The expected after-effects of Super Bowl / March Madness on legal sports betting are starting to emerge in the US legal sports betting industry. The participating states are now reporting on their bets in April. Indiana, a frequent top 5 maker of monthly grips, is on the way with its April numbers, and it’s unsurprisingly they show a significant step backwards.
Jessica Welman, senior analyst at PlayIndiana, summed it up best when she said, “Even a high volume of regular season baseball and NBA basketball games can have a calendar without NFL and college football games or a major betting event like that doesn’t make up for the NCAA tournament. “
Sports betting in Indiana reported a handle of $ 236.4 million for the month of April, a 25.4 percent decrease from $ 316 million in March. April’s numbers show how far the industry has slipped from its January-reported $ 348.2 million view. April is the lowest sports betting total in the state since October, when sports betting raised $ 230.9 million.
The revenue followed the handle slider. The Indiana Gaming Commission reported that their sports betting grossed $ 20.1 million in April, a 23.1 percent decrease from $ 26.4 million in March. Indiana state and local treasury tax contributions were $ 1.9 million.
What kept the handle afloat
Indiana’s mobile betting apps continue to be responsible for the majority of Indiana’s sports betting handle in April. 88.1% or $ 209.1 million of the total of $ 236.4 million came from the state’s betting apps – a 25.2% decrease from $ 286.8 million in March.
Retail bets in Indiana contributed $ 27.3 million, also a significant decrease from the $ 37.5 million casinos posted in March.
With no sports and no college basketball, the Indiana sports betting scene was still forced to rely on mostly pro hoops for most of its grip. Basketball was responsible for $ 76 million in April, with Parlays contributing $ 60.4 million, “Other” $ 50.5 million, baseball $ 44.5 million, and soccer $ 3.4 million Dollar.
Could new blood bring new enthusiasm?
The legal sports betting scene in Indiana is full of top-end providers and welcomed WynnBET, which launched the state on April 1st, and TwinSpires, which re-launched on April 27th.
With new blood comes the need for existing competition to step up their game. Hopes are that the new blood alone will be able to supply the market with energy in the lean summer months.
“Even as the market nears its second birthday, operators remain optimistic about Indiana,” said Nicole Russo, an analyst at PlayIndiana. “Already with two of the highest-volume sports betting in retail in the country
Barstool’s online app could really move the market. New market entries will keep the country’s largest operators on their toes and compete for new customers. “
Signs of things to come
It looks like April is a sign of the future not just in Indiana but across the spectrum of US legal sports betting. There’s no denying the Super Bowl and March Madness hangover. In the summer of 2021, however, there are some unexpected sporting events on the betting menu, so there is still optimism.
“This is the first time we’ve seen how Indiana will play in the spring and summer months, and in a month’s time, Indiana is living up to expectations,” said Nicole Russo. “With the Olympics ahead and the NBA playoffs pushed back a month, this could actually be a better summer than most years. And Indiana’s sports betting is well positioned to take advantage of it. “
Indiana has been as solid a legal sports betting market as the US, but summer looks like it’s going to be a huge challenge. The start of the NFL season and college basketball can’t come soon enough for the state’s sports betting.
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