The state of Indiana finally got sports betting legalized last month and certainly got the start it was looking for. Bettors from, or traveling to, The Hoosier State laid down $35.2 million on sports bets, according to the Indiana Gaming Commission.
There are 10 casinos within the state’s borders, and they were able to keep about $8.6 million of that money, with the state taking $813,103 in tax revenue. What’s even more impressive is that not all of the casinos were open for business on the grand-opening day of sports betting.
According to data released on Thursday, football was obviously the most popular sport with $20.7 million in bets taken – and 60 percent of all money wagered. The Northwest Indiana Times also reported that football was followed by parlay wagers with baseball and numerous other sports.
Just like the state of New Jersey with neighboring New York City residents, Indiana really benefited from Chicago-area and Illinois residents making the quick trip over to The Hoosier State. Horseshoe Hammond ($8.9 million) and Ameristar East Chicago ($5.4) were both the biggest catalyst in that regard.
Still Not Ready
More than three months ago, Illinois Governor J.B. Pritzker signed the bill to legalize sports betting. However, there’s still no specific launch date that has been announced. In the meantime, Indiana’s sportsbooks will continue to capitalize on that waiting period.
“Indiana’s sportsbooks are in their infancy, but their ability to capitalize on the Chicago market did not take long to produce dividends,” said Dustin Gouker, lead sports betting industry analyst for PlayIndiana.com.
With those gaudy figures standing as a painful reminder, Illinois officials are eagerly waiting to get their operation off the ground.
“That’s revenue we’re not getting,” said Sen. Dave Syverson, R-Rockford. “The state is losing dollars every day we don’t have these rules done so we can start to move forward. We’re months behind now on revenue.”
However, before sports betting can begin within the state’s borders, the Illinois Gaming Board still needs to draft hundreds of pages of rules that are more specific to the state’s wagering laws, governing application and operation procedures for the sportsbooks that will be opening.
“I’m confident that the (Gaming Board) is working diligently to roll out sports betting,” said Illinois Rep. Mike Zalewski. “But Indiana’s early success is a reminder the sooner, the better.”
Pritzker’s office estimates that sports betting will generate $240 million in upfront licensing fees and, at some point, take in about $60 million in annual tax revenue.
Given the massive handle from the state of Indiana, state officials know that the clock is ticking – especially with the NFL season in play. Indiana’s $35.2 million rivaled what New Jersey, who has already done more business than sports-betting heavyweight Nevada, did in the month of August with a total of $44.4 million.
Illinois might want to hire extra employees for this project alone, considering The Hoosier State will continue to be profitable with all the time they’re wasting.
