Hoosiers still betting on sports, but revenue takes a dive

Sports betting revenue continues to trickle into the state even though Indiana’s casinos have been closed since mid-March.

According to a revenue report released Monday morning by the Indiana Gaming Commission, Hoosiers wagered $26.3 million on sports in April.

That’s down about 65% from March, when the sports betting handle was $75 million. And it’s a far cry from the $187 million total handle in February.

Mobile sports betting has been allowed to continue, even with the closure of the casinos, but the widespread cancellation and postponement of sporting events has severely limited what Hoosiers can wager on.

Adjusted gross revenue for the sportsbooks only reached $1.6 million—a new monthly low since sports betting became legal in Indiana in September. In March, adjusted gross revenue for the sportsbooks was $5.5 million.

The sports wagering tax only generated $148,000 for the state, and it is the only gambling revenue the state is currently collecting.

The Indiana Gaming Commission ordered the state’s 11 casinos and two horse-track racing casinos to close March 16 as large social gatherings were prohibited across the state in an attempt to slow the spread of COVID-19.

In April, Hoosiers were allowed to bet on the NFL and WNBA drafts in addition to the handful of less-followed sports, such as table tennis, that are still being played in some countries.

The state received zero income from its other gambling taxes in April. Budget projections showed the state was expected to collect nearly $48 million from casinos in April.

Last April, gambling brought in more than $58 million in tax revenue.

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