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SportsTranscript
00:00 (upbeat music)
00:02 - Though we actually have one state
00:04 that is not as successful.
00:06 And I try to correlate this somehow
00:08 with the collegiate and professional teams,
00:10 which when they're doing well,
00:12 generally sparks interest in sports betting.
00:14 But Jim, you know, Indiana didn't really,
00:17 in the month of October, I saw the numbers go down
00:18 and that's what we'll expand on.
00:19 It's what I'm alluding to here.
00:21 You know, Pacers, I know they're not very good,
00:22 but they did not play.
00:24 You know, Indiana's football team
00:25 is never particularly that good.
00:26 So I can't really say that that's a factor.
00:28 The Colts have been pretty much what people expected.
00:32 So what do we correlate the reason
00:33 why Indiana may have seen some losses this year
00:36 as opposed to last?
00:37 - Yeah, so I'm thinking that it has a lot to do
00:42 with Kentucky and Ohio.
00:46 These two states, obviously border states with Indiana.
00:50 And this was the first October
00:53 that both Kentucky and Ohio had online sports betting.
00:58 Of course, Kentucky launched their online market
01:02 at the end of this past September.
01:05 And then Ohio launched its online market back in January.
01:10 So October rolls around and it's the first month
01:13 where there's competition,
01:15 online competition on all sides for Indiana.
01:18 And that I believe led to that 4% dip in handle
01:23 from last October to this October.
01:28 And they were the only state in that top 10 list
01:31 that I had just previously mentioned
01:34 to see a year over year decline.
01:36 And all things point to the impact
01:40 that Kentucky and Ohio are having on Indiana's market.
01:44 And over the last seven, eight, nine months,
01:47 we've seen Ohio chip into Indiana's business.
01:52 Year to date handle in Indiana is down.
01:57 Although revenue for the sports books
02:00 is up overall over that time,
02:02 but we are seeing Ohio kind of chew into that handle
02:07 with its neighbor there.
02:08 Now it still remains to be seen the level of impact
02:12 that Kentucky will have.
02:15 Obviously this is really its first full month
02:17 of online operations in October,
02:21 but we're expecting a percentage or two
02:25 to dig into Indiana's business.
02:28 So we'll kind of see how that plays out over time.
02:30 What stuck out to me looking at this report
02:32 was on the retail side.
02:35 Two retail sports books that were very popular.
02:38 One in Lawrenceburg, Indiana, right outside Cincinnati,
02:42 prior to both Kentucky and Ohio
02:44 having online sports betting,
02:46 this was one of the most popular retail sports books
02:48 in the country.
02:51 This year in October, $1.7 million in handle.
02:55 Last October, right around 12 million.
02:58 So we're seeing a significant drop there.
03:00 And then also at Caesars, Southern Indiana,
03:03 right outside Louisville, $838,000 in bets
03:08 this past October.
03:10 And then October, 2022,
03:13 it was about $3.7 million in bets.
03:16 So not a huge, huge decline at 4% on the overall,
03:22 Indiana handle side.
03:23 But when you get down into the numbers
03:26 and look at the individual retail books,
03:28 we're seeing a big impact on business there in Indiana
03:32 from their neighbors in Kentucky and Ohio.
03:35 (upbeat music)
03:38 [MUSIC]