Indiana sees a sharp decline in sportsbook profits
Analysts from PlayIndiana estimate a US$125million downturn in wagers during March.
US.- Indiana’s retail and online sportsbooks have seen a sharp decline in profits since the Coronavirus shutdown began.
Analysts from PlayIndiana estimate a US$125million downturn in wagers during March.
The loss of the NCAA’s March Madness has been “particularly damaging,” after the state moved towards its first month of over US$200million in bets.
“This is an unprecedented stoppage for legal sportsbooks, and there is no playbook for them to follow to help manage the crisis,” Dustin Gouker, lead analyst for PlayIndiana.com, said.
“Obviously, the sports betting industry is just one facet in a crisis that is affecting us all, too often tragically. But it is a business that employs hundreds in Indiana and generates millions in state taxes. And the bottom line is that there will be no significant relief until the sports world begins to open back up.”
“There is no way to replace the revenue that would have been generated from the NCAA tournament, which in legal jurisdictions generates more action than the Super Bowl,” noted Jessica Welman, an analyst for PlayIndiana.com.
“The NCAA tournament can’t be rescheduled, but professional leagues are beginning to draw plans to begin games again. We still don’t know what that looks like or when it will happen. Whether spectators are there to watch in-person or not, though, online sportsbooks should again be able to attract bettors, which will be welcome news for the industry.”
“Online sportsbooks will bounce back more quickly than their retail counterparts, which face a much more uncertain future as the coronavirus pandemic continues,” Gouker added.
“In states where online casino games and poker are legal, such as New Jersey and Pennsylvania, casino operators have had a bit softer landing. But Indiana has really borne the brunt of this crisis, unfortunately.”
