Indiana’s sportsbooks saw their betting traffic step-down substantially inward January, the for the first time month for legal sports betting inwards neighboring Ohio. However, it wasn’t all unsound word for Hoosier operators.

The retail sportsbooks and online wagering apps reported a handgrip of $427.2 zillion and familiarised 144 revenues (AGR) of $36.5 gazillion for the firstly month of 2023.

The Jan handle was pull down well-nigh 1% from the December hold of $431.4 million, and revenues fell by 14.5% from the $42.7 trillion the operators collected that month.

However, compared to Jan 2022, finally month’s handgrip strike down by to a greater extent than 14% from the all-time monthly put down hold of $500.1 million the state produced a yr ago. Despite that larger handle, though, Indiana’s sportsbooks saw revenues step-up past almost $886,000 last month.

Indiana taxes AGR at 9.5%, meaning the country received $3.4 one thousand thousand in revenue lowest month.

Retail Sportsbooks Near Cincy Take Hit

With sports betting legal inward OH as of January 1, it meant that several operators inward Indiana would potential turn a loss a undecomposed chunk of their business. That’s especially straight for retail sportsbooks in the sou'-east street corner of the state, the closest neighborhood to the Cincinnati market.

Besides 16 nomadic apps and hundreds of sports betting kiosks at lottery retailers inwards Ohio, thither are four retail sportsbooks usable in Cincinnati as substantially as ones at Miami Valley Racing and Gaming and Hollywood Gaming at Dayton Raceway. All of those testament likely serve customers who were previously traveling to Indiana to do their bets.

And IN retail sportsbooks inward the part did insure bountiful drops. Hollywood Lawrenceburg, which is situated nearly a mi away from the Ohio nation line, reported a hold of $6.5 meg last-place month. That’s compared to a hold of $13.6 jillion in December 2022 and $13.2 billion in Jan 2022.

Belterra Casino in Florence, set most an hr to the south of Cincinnati, had a hold of $492,111 lowest month. That was down from $649,717 in December and $725,092 inward January 2022.

Horseshoe capital of Indiana in Shelbyville, located well-nigh an minute NE of Cincinnati, reported a handle of $862,292 shoemaker's last month. That was push down from the $1.2 meg inward bets it took inwards December and the $1.1 trillion it took a year ago.

Not all operators saw their handles have a hit. FanDuel and DraftKings, the II largest players in Indiana, saw their betting traffic step-up slightly from December. FanDuel’s January hold of $142.3 jillion was upwards from the $137.8 trillion it accepted in December, spell DraftKings went from $134.8 meg in Dec to $139.6 lowest year.

Parlaying Success inward Indiana

So, if Indiana’s sportsbooks took to a lesser extent money inwards wagers, what power explain wherefore last-place month was to a greater extent profitable than a yr ago? The response to that query is likely an step-up inward parlay wagers.

US sportsbooks feature placed greater accent on parlay wagers, or bets that include multiple legs. Those bets typically extend to a greater extent lucrative odds, but they require the punter to non lose on any leg. As a result, sportsbooks incline to win a higher percent of parlay bets compared to single wagers.

Indiana does not erupt downward sportsbook revenue past wager types, but it does recrudesce down pat(p) unaudited handgrip by bets placed on football, basketball, baseball, other sports, and parlays. Last month, nearly 30% of all money wagered in Hoosier State sportsbooks, $124.7 million, was bet on parlays. In December, that percentage was 27.6%, or $119 million, and in January 2022, the $122.6 one thousand thousand wagered on parlays equaled less than a canton of the money wagered inwards the state.

So, as long as bettors keep betting to a greater extent on parlays, IN testament likely non check revenue enhancement revenues lose even as sports betting handles preserve to drop.

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