Indiana sportsbooks saw revenue recover after April but it remains a long way from usual expectations.
US.- Indiana sportsbooks took $37 million in bets May. It marked a recovery on the record low of $26 million in wagers in April, but remains a long way short of the 187 million in bets taken in February.
PlayIndiana say finances continue to feel the impact of the shutdown but that changes in neighbouring states could also impact on Indiana’s recovery. At the beginning of the lockdown Indiana had no competition in the region but online betting is now allowed in Michigan, Illinois and could be approved in Ohio.
Dustin Gouker, lead analyst for PlayIndiana.com, said: “In the short-term, the path to recovery is relatively straightforward. Sports must return. The good news is that the PGA Tour expected to start this weekend and the NBA and other major sports are closer to a return. The bottom line is that there is now a light at the end of this tunnel.”
“Indiana’s main advantage when it launched was that it had such limited competition in the Midwest. That is obviously changing, which was inevitable. But Indiana still has one of the most solid regulatory infrastructures in the US And that will help keep the state ahead of the curve.”
While online sportsbooks worked on attracting new bettors, the market welcomed a new player with the launch of the Caesars Sportsbook app in late May.
Jessica Welman, analyst for PlayIndiana.com: “Adding a heavyweight like Caesars to Indiana’s mix will only help the market once it returns to something more closely resembling normal. It shows that operators still believe in the potential of the Indiana market even as it remains quiet.
“Online sportsbooks have proven to be resilient. Operators have been remarkably creative in keeping bettors engaged, even with fringe sports as the main attraction.
“There is no making up for what has been lost, but weathering the storm has always been the priority. And I think most, if not all, have been successful so far in doing that.”