A new report shows that Indiana’s igaming revenues could reach $2.1bn in the first 3 years following legalisation.
According to the updated report conducted by Spectrum Group and commissioned by Indiana Gaming Commission, the first three year period could generate between $1.9bn ($2.1bn) and $1.9bn. The report for 2022 predicted a revenue of $1.9bn to $2.1bn in the first three years.
The study also identified $929m of potential igaming taxes over the first 3 years after legalization. The study also showed a rise of 5% over the estimates in the previous report.
Indiana has been a hotbed of igaming for many years. A long-standing push to have an online casino was stymied in 2023 by a committee that had not called for any hearings. Spectrum Group report showed that igaming did not have any negative impact on gaming in other States.
The chances that igaming will be legalised by 2024 are also slim as state legislators have agreed not to introduce any new legislation in this year.
US Igaming Legislation yet to Take Off
Online sportsbooks are now available in almost half the states of America. iGaming has not yet found the same level of success. It is currently legal only in seven states.
Lack of legislation in the US online gambling scene is having a negative impact. In August it prompted WynnBet to close its offices in several states.
The only operations that are guaranteed will be in Nevada and Massachusetts, where WynnBet has land-based casinos.
Online gaming was not included in the executive budget of Governor Kathy Hochul for 2025. The state senator Joseph Addabbo had filed a revised version of the igaming legislation last week.
The potential of igaming remains untapped. Michigan, which is one of those states that allows it, reported gross monthly igaming revenues in November. Pennsylvania also saw its gambling revenues reach a record of $5.7bn by 2023, thanks to igaming.
In the US, igaming generated $1.5bn during Q3. This was a 26% increase year on year and a record quarterly. Although the numbers are obvious, getting legislation passed is a challenge.
Indiana Sports Betting Market thriving
Indiana’s report on potential igaming benefits comes after it reported the highest sports betting revenues in the month of December.
Indiana’s gross revenues for December 2023 were $50.6m, an increase of 18.5% over the prior year. This was also an increase of 64.8% over November 2023.
The state’s legal market opened in September 2019 and consumers spent $531m, which is the second-highest monthly total since that time. Total handle was just 2.1% short of the November 2023 $513.7m, which set a new record.
Ameristar Casino’s partner DraftKings reclaimed the top spot in Indiana for the month of December. From $179.8m, the partnership brought in $19.3m. Blue Chip Casino-FanDuel came in second place, ahead of Ameristar Casino-DraftKings, and was the leader for November.
