New data from the Indiana Gaming Commission shows Indiana’s sports betting volume dropped more than 3% in June to a reading of $246 million in wagers. Betting levels are also down more than 22% from March.
Sports betting analysts say the drop is not a surprise as the last three months are typically the slowest sports betting months of the year. “With the early exit by the Pacers from the NBA Playoffs and with no event comparable to the Indianapolis 500, a relatively low-volume month is no surprise,” said Jessica Welman, an analyst for the PlayUSA.com network, which includes PlayIndiana.com.
Despite the drop, Wellman says adjusted gross revenue came in at $25.5 million, yielding $2.4 million in state taxes.
Wellman says Indiana’s 22% sportsbook decline from March was not as deep of a cut than neighboring states that have legalized sports betting. Iowa was down 31% and Michigan was down 32%.
“In many ways, Indiana is a model U.S. sports betting market,” said Nicole Russo, analyst for Playindiana.com. “Its regulatory structure continues to foster a healthy, competitive industry — one that manages the seasonal swings of sports betting better than most and allows it to grow even as competition from neighboring states expands.”