Nothing can be more honest than the saying that everything has its end. And that end came for Indiana sports betting in February. The sportsbooks of the state posted a report of $273.9 million earned revenue last month, which had come down from January’s $348.2 million. Such was the end for a record-breaking betting session started in September, according to the information provided by the Indiana Gaming Commission (IGC).
Among many reasons, scarcity in football was the biggest one. February observed a Super Bowl, but IGC stated that only $18.8 million was bet on the football last month, which was far too low compared to its prior month’s $77.6 million. Parlays have also fallen by around $20 million in January.
Because of this decline in the revenue, taxable revenue has also experienced a steep downfall. The license holders have given a report showing $17 million in the previous month, which was $29.3 million in its prior month. Eventually, this fall in the earned revenue in the gambling industry impacted the overall tax revenue of the state. It came down from $2.8 million to $1.6 million.
Even after undergoing such a drop, online betting continues to grow for the share of bets. 10 of the mobile and online sports betting apps accumulated around $241 million, which was 88% of the total handle of last month. Which was about 85.2% in January.
Basketball regained its place as pro hoops, and college was responsible for around 46% of the total bet last month. With around $127.2 million collected revenue in February, basketball surpassed football as the highest grossed sport in terms of betted money till now in the 2021 fiscal year. Since July, over $473.8 million got to bet on hoops against football’s $446.7.
Some of this is attributed to the renovation of the NBA basketball in the previous summer, as a normal year’s playoff would have closed in June. The gap between basketball and football will widen this current month because of the NCAA tournament.
This year has marked the first time for the Indiana state as it can book bets on March Madness which was affected last year due to Covid.