Indiana Sportsbook Makes $165 Million Lost

Indiana sportsbooks has made a whopping $165 million lost. The sports betting company has experienced a painful lost including a retail sector that did not produce a single bet. This costed the sportsbooks an estimated $165 million in bets.

With a minimized schedule of sports to bet on and casinos closed for the entire month, Indiana generated just $26.3 million in wagers. During a month in which online and retail sportsbooks would have expected to draw at least $190 million in bets, April’s handle was down 64.8% from $74.8 million in March. The drop makes it the lowest monthly handle ever for Indiana sportsbooks.

“April’s results are shocking, but not at all surprising,” said Dustin Gouker, chief analyst for PlayIndiana.com. “Bettors have very few places to turn in Indiana. In some states, online casinos have driven significant revenue. But that isn’t possible in Indiana. So the industry’s results will continue to be grim until the sports world figures out a way to reopen.” 

This brought people to shift their focus on other sports such as football, basketball, and baseball. In fact, $21 million of the state’s handle was generated by these sports. The firm generated $1.3 million in football-related wagers in April, most of which came from the NFL Draft.

“The shut down of sports has led to some creativity by Indiana’s bookmakers, and that creativity was rewarded with interest in the NFL Draft,” said Jessica Welman, analyst for PlayIndiana.com. “Even though Indiana has missed out on some opportunities, regulators have at least been nimble enough to allow some unconventional ideas.”

[image: Live Science]

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