Indiana sports betting handle dropped nearly 13% year-over-year in February.
Sportsbooks handled $356 million last month compared to more than $409 million in February 2022.
The year-over-year handle in the state has declined for five consecutive months.
|October||2021 vs. 2022||-3.23%|
|November||2021 vs. 2022||-2.45%|
|December||2021 vs. 2022||-6.82%|
|January||2022 vs. 2023||-14.59%|
|February||2022 vs. 2023||-12.94%|
Seasons change, handles change
Sports betting is, of course, very much calendar-dependent. Most states experience a drop in handle between April and August before wagering picks up again in fall with the start of NCAA and NFL football season.
Declining year-over-year handle, presumably during the busiest time of the sports wagering calendar, suggests a likely peak at the top of the IN sports betting market, according to LSR projections. The record-high handle in Indiana was $500 million in January 2022.
Sportsbooks held 7.7% last month and 8.5% to begin the year. Indiana has received $6.24 million in sports betting revenue this year.
Indiana sports betting hit by Ohio
Ohio’s new sports wagering market has not helped Indiana. Revenue figures there have taken a noticeable hit since the beginning of the year.
Ohio made a massive splash in online sports betting when it launched in January. The Buckeye State recorded $1.11 billion in OH sports betting handle in its first month.
LSR projects February as another month around the $1 billion mark in total handle. Official state data will be released later this month.
Indiana declines in line with expectation
In January, Indiana was more than 14% off its high-water mark of $500 million in handle from the year prior.
LSR projected Indiana’s revenue declines to start the year would have been closer to -6% without competition from its neighbor. At least so far, Ohio projects to be taking 5-10% of Indiana’s business.