PlayUSA Rewind: Indiana Sports Betting Crosses $1 Billion Threshold
This is the time of year legal sports betting operators have waited for.
Baseball is well underway (albeit with an overabundance of violations regarding coronavirus regulations). The NBA playoffs loom, and the NHL is pushing forward. The year’s first major golf championship has concluded, setting the stage for three more within the next three months. And of course, the NFL season is rapidly approaching.
For now, though, we do what we have done for five months: We wait.
On to the Rewind:
Indiana sports betting revenue reaches milestone
Like many state-regulated industries, sports betting in Indiana sorely needed a bounce-back month.
After slogging through what was essentially a sportsless four months, the Hoosier State did rebound in July. As a result, Indiana reached $1 billion in accepted wagers since sports betting launched in October 2019.
In reporting $70.9 million in handle last month, Indiana sportsbooks reached $1.03 billion in the industry’s 10 months of existence. During that time, operators’ combined revenue has reached nearly $85 million, resulting in $8.1 million in tax revenue.
No doubt the return of the NBA and MLB near the tail end of the month helped July’s total, which reflected a massive 137.9% spike from June’s handle.
The downturn in wagers accepted is not unique to Indiana; all sportsbooks across the country have suffered. For perspective on the Hoosier State, however, consider that March through June combined for just over $168.2 million in bets placed. This after February accounted for $187 million in handle.
So, yeah, Indiana no doubt enjoyed seeing an uptick, especially after the state lost out on an estimated $700 million in potential wagers during the coronavirus pandemic closures.
Live from Illinois: DraftKings Sportsbook
There are now two sportsbook apps in Illinois.
While the timing for launch works out nicely in terms of major sports returning, it does come during an inopportune time in terms of bettor registration.
After briefly lifting the state requirement for in-person registration over the summer, Gov. J.B. Pritzker has since reinstated that rule, which will remain in place until the first online-only licenses are approved by Illinois in fall 2021.
In any case, despite all odds, DraftKings found a way to muscle into the state, bringing its rapidly expanding sportsbook along with it.
In addition, the rising sports betting power has easier access to a major Midwest market: St. Louis.
BetMGM becomes official partner of PGA Tour
The PGA Tour has landed another sports betting partner.
The multiyear content and marketing deal allows BetMGM to use tour logos in marketing as well as betting-related programming across its sportsbook platforms. In addition, the operator will have the authority to distribute highlights to users who placed bets.
The PGA is not a new area of interest for BetMGM, as the operator already has sponsorships with several golfers:
- Jimmy Walker
- Kevin Na
- Pat Perez
- Ryan Moore
- Boo Weekley