Indiana Reports record-setting November Sports Betting Figures
Legal sports betting numbers continue to surge in Indiana, with the college-basketball crazed state establishing new records.
Anticipation for November's sports betting numbers from participating U.S. jurisdictions has hit a fever pitch, largely due to the records set in October.
Nearly all states that reported October numbers set new monthly records, helping to carry the National handle over an almost unfathomable $7 billion. The previous U.S. record for a single month was $5.2 billion, and that figure was posted in September.
Meanwhile, for the third straight month Indiana set a new standard for its incredible sports betting scene. While there weren't five full weekends of NFL and college football action, a month of the NBA and the start of college hoops carried the state's wagering providers to new highs.
"Basketball betting, both college and professional, is more important in Indiana than almost every other legal sports betting market in the U.S.," said Jake Garza, an analyst for PlayIndiana.com. "Indiana's best months are typically when college basketball and the NBA are in full stride, and the NFL is still in play.
"And with Purdue among the nation's best and Indiana off to a good start, bettors are particularly incentivized this year to bet on college basketball."
New Records
Indiana sportsbooks reported $463.7 million in bets taken during November, a slight 0.6% increase from October's previous record handle of $461.1 million. But that's an 84.4% spike from the $251.4 million intake in November 2020.
Indiana's robust online sportsbooks continued to lead the way. Of the total wagered, $430.1 million came from the state's online apps. That's a 2.3% increase compared to September, and a 101.3% year-over-year spike from the $213.7 million in November 2020.
The state's sportsbooks reeled in $15.5 million per day in November, which eclipses the $14.9 million per day in October.
Revenues and Tax Contributions Also Set New Records
Indiana also set a new monthly sportsbook revenue record. Indiana's sports betting providers reported a total of $47.7 million in profits, an incredible 72.1% increase from the $27.7 million in October and a year-over-year jump of 88.1%. November's revenues also bested the previous record of $33.9 million set in September.
A total of $4.5 million in taxes flowed into the state and local coffers from Indiana's record sports betting month.
The Recent Past and Near Future in Indiana
The state of Indiana has been a "Top 6" performing legal sports betting jurisdiction since its launch. The state has taken in $3.4 billion in sports wagers while generating a whopping $419.2 million in revenues this year alone. In total, $1.8 billion in wagers and $137.4 million in revenues was reported in all of 2020.
"Obviously, 2020 was an unusual year, but Indiana's year-over-year growth has been staggering so far," said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayIndiana.com. "Historically, December and January have been the highest-volume months of the football season in the state. So, the best months are likely still ahead, too."
Betting activity should remain strong in Indiana until at least March. There won't be as many NFL games to count on after December, but Indiana is one of the country's most basketball-crazed jurisdictions. Hoops should carry the market through the spring.
Indiana's legal sports betting scene has been impressive, with little reason to think a slowdown is imminent. Like many second-tier legal sports betting destinations, it's only a matter of time before the state hits the $500-million plateau.
