Indiana sports betting revenue strong in July

Simona Boshkova | Published 11 Aug 2020, 10:05 a.m.

A lot of things are happening in many US states in terms of sports betting. Yesterday, we reported that four tribes are suing Oklahoma and two other tribes, asking for the federal court to revoke the gaming agreement between them. Moreover, it was also announced that the Massachusetts Senate denied the initiative to include sports betting in the latest economic development bill of the state. The Senate approved the bill but discarded the amendments that mentioned sports betting.

When it comes to the sports betting revenue that the US states saw in the previous months, the situation has been challenging. Some of the states were breaking records, some saw mixed numbers, while others faced a revenue decrease. Nevada, for example, reported a revenue loss in June as a result of bettors cashing old football tickets. There are also some US states that are slowly recovering and increasing their sports betting revenue, such as Indiana.

Indiana sports betting reported a huge increase in July

After Indiana sports betting fell more than 20% in June, the state’s sports betting handle bounced back from the June drop by doubling in July. Namely, the Indiana Gaming Commission has reported the strongest month for the state’s sports betting since February. After being closed in March, the state’s casinos were reopened in July which contributed to the state’s sports betting revenue growth.

According to the numbers released by the state, Indiana sportsbooks had over $70m wagered in July, after having about $29m in total handle in June, jumping 138% month on month. The biggest contribution to these figures was from online betting, which led the way with a 121% increase. The key numbers from Indiana July’s report also show that basketball stakes grew strongly, rising from $618,166 in June to $5.8m in July, just ahead of the NBA’s return at the end of this month.

In terms of revenue and stakes, the leaders in the Indiana sports betting revenue report are DraftKings and FanDuel. The DraftKings sportsbook reported a $34m sports betting handle in July, which is an increase of 84.6% from June. On the other hand, the FanDuel sportsbook, through its partnership with the Blue Chip Casino in Michigan City, reported over $24m in July sports betting revenue, which is a 210% increase over June’s total handle. Additionally, there are some other sportsbooks that reported big numbers in July, including PointsBet and BetRivers.

Virginia Lottery posted more sports betting rules

A month after the Virginia Lottery posted licencing and consumer protection regulations, the regulator announced more sports betting rules. According to the Lottery, this is another step in the process of legalising sports betting no later than January, or sooner. Some of the new regulations are completely new, while some are updated. They include topics such as permissible wagers, house rules, geolocation systems, monitoring, advertising, and sports betting platform requirements.

The regulations that were posted last month also included the Sports Bettor’s Bill of Rights program, a voluntary exclusion program, permit application process, and a consumer protection program. According to the Virginia Lottery, each operator that would apply for a sports betting licence must pay a $250,000 fee that is accompanied by a $200,000 renewal fee.

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