Bettors placed $254 million in wagers through Indiana sportsbooks in May, which is a nearly eight percent increase from April. However, gaming analysts say betting is still well below the levels seen during the football and college basketball seasons.
“The Hoosier state had an impressive May with increased handle where many states saw a decline. This is a testament to the strength of Indiana’s market, which continues to thrive,” said Bill Ordine, sports betting analyst, Gambling.com Group. “A dip in revenue contributed to a slight dip in tax contributions.”
Sports betting last month generated $1.8 million in state taxes.
In April, about $236 million in sports bets were placed. March measured $316 million.
“Even with the expected slowdown over the last two months, no Midwestern state has held its ground better than Indiana,” said Nicole Russo, analyst for PlayIndiana.com.
She says Indiana has some advantages over other legal markets in the U.S. during the slower months, including the Indianapolis 500.
“Some of that can be attributed to local events driving interest, including the Indy 500. But the market’s structural advantages that were built in before sports betting launched is also paying dividends,” said Russo.
Russo says Indiana’s sports betting industry will have to wait until football season before betting volume returns to the highwater marks hit earlier this year.