Indiana’s February Sports Betting Handle, Casino Revenues Up Big from ’21

Posted on: March 13, 2022, 04:48h. 

Last updated on: March 13, 2022, 06:20h.

Steve Bittenbender Read More
Expertise: Legislation, Sports Betting, Horse Racing.

Indiana saw more sports betting activity in February than it did a year ago, but the sportsbooks didn’t see much of a difference.

Indiana
A Welcome to Indiana sign at the Michigan state line. The state’s sportsbooks reported a $400 million handle for February, a nearly 50 percent increase from last year. (Image: Google Maps)

The state’s licensed sportsbooks reported a collective handle for $409.1 million for the month, according to figures released by the Indiana Gaming Commission on Friday. That’s down more than $90 million from the record-setting January number. But it’s also nearly 50 percent better than the $273.9 million the state reported for February 2021.

There was increased interest in football betting last month, likely fueled by interest in the Cincinnati Bengals making the Super Bowl. Football bets accounted for $30 million of last month’s handle, up from $18.8 million a year ago.

But Indiana is a basketball state. Not only do Hoosiers love to watch and play, they also love to bet on it. The sportsbooks reported $201.9 million in college and pro hoops bets last month, up from $127.2 million last year.

With the Indiana Hoosiers making their first appearance in the NCAA Tournament since 2016 and their in-state rivals Purdue considered a title contender, bettors once again could break the all-time handle mark.

Handle Way Up, Revenue Not So Much

While the sportsbooks’ handle went up drastically from a year ago, the adjusted gross revenue (AGR) essentially remained the same. The books reported $17 million in AGR, less than $2,500 more than what they reported in February 2021. That led to the state collecting $1.6 million in taxes.

Part of the sports betting revenues being flat may be tied to the Bengals. Not only did the team that borders Indiana make the Super Bowl, but it also covered the spread against the Los Angeles Rams. In addition, NFL futures bets paid out in February likely accounted for lower revenues.

DraftKings once again posted the highest handle of any operator, with the mobile giant reporting $121.5 million in wagers and $7.3 million in AGR. FanDuel took $107.7 million in bets and reported $4.9 million in AGR. But the Blue Chip Casino, its casino partner, reported a downward adjustment of $4.5 million.

Caesars, with its online and retail presence, had a combined handle of $56.4 million and revenues of $2.7 million. BetMGM reported a handle of $52.4 million and an AGR of $3.9 million.

Indiana Casinos Enjoy Strong February

On the casino side, the state’s 12 licensed venues reported a combined taxable AGR of $187.2 million. That’s up more than $13 million from January and nearly $60 million from February 2021.

Hard Rock Northern Indiana once again was the top-grossing casino. The Gary casino that opened in May 2021 reported adjusted revenues of $30.3 million. Nearby Horseshoe Hammond posted the second-highest total at $27 million.

Horseshoe Indianapolis, formerly the Indiana Grand, was third with an AGR of $23.3 million. The top southern casino was Caesars Southern Indiana, as the EBCI Holdings operation grossed $18.7 million.

Overall, Indiana’s casinos generated $55.4 million in gaming taxes for the state. Combined with the sports betting taxes and the $4.1 million in supplemental taxes all casinos except for the racinos and French Lick pay, the state received $61.1 million in February. That marked a nearly $4 million increase from January and a more than $21 million jump from February 2021.