Indiana's Sports Betting Market Continues to Thrive in 2024
Transcript
00:00It has to be Indiana and their sports betting success as well, because as we're closing
00:07out the summer and moving into the fall here, it appears as though this market is one of
00:12the nice success stories of the year, rising in popularity and revenue across the board.
00:18Yeah, and perhaps I'm the only one that seems mostly interested in this Indiana market,
00:26but tracking it over the last year and a half or so and seeing how they felt a little
00:32bit of a pinch last year with Ohio coming online at the beginning of 2023 in January,
00:40and then you had, like we just talked about, the Kentucky market coming on in September,
00:47the numbers did seem to shrink a little bit with that added competition.
00:53So this year, so far, we've seen Indiana return to those 2022 figures, like we've
01:00talked about a bunch here, Craig.
01:02We've talked about it for a handful of months consecutively now, and the Indiana sportsbooks
01:08in July, they won more than 11%.
01:11They kept more than 11% of the sports betting dollars there, and that 11.3% win rate in
01:18July was the highest so far this year, and even going back to last July.
01:23So when we typically see the volume of betting, the betting handle come down June, July, in
01:31the summer months when a lot of the major sports aren't in action, it's baseball, and
01:38of course, we had the Olympics this year, but it doesn't have the power that the NFL
01:44obviously has or the NBA obviously has.
01:47So we tend to see those handle figures come down, but it is a positive sign to see that
01:53the sportsbooks are, at least for them, maybe not necessarily for the bettors, but it is
01:58a positive sign on the revenue end for the sportsbooks to see that double-digit hold,
02:05and again, the revenue, nearly $29.5 million in July in Indiana, that's up 2022 numbers,
02:16and the handle, $261.1 million in July, also up over 2022 numbers in July.
02:24So a positive trend in the right direction for Indiana, kind of shaking off those two
02:29states, Ohio and Kentucky, that legalized sports betting last year.