Indiana sportsbooks reported a 13% year-on-year handle decline in February after neighboring Ohio rolled out its own legal wagering industry.
For several years, Indiana benefited from Buckeye State residents driving over the border and placing legal sports bets on mobile apps.
That is no longer the case, as Ohio rolled out legal online and retail sportsbooks on New Year’s Day, with several major operators launching.
Indiana has started to notice a decline, with the handle dropping from $409 million in February 2022 to $356 million in February 2023.
It followed a 14.6% year-on-year decline in January, suggesting that the Ohio effect will have a long-lasting impact on the Hoosier State’s industry.
A similar pattern is starting to emerge in New Jersey, which has now reported double-digit year-on-year decreases for two consecutive months following legalization in New York.
Indiana’s record handle of $500 million came in January 2022, and it may take a while to return to those heights.
On a brighter note for sportsbooks, gross gaming revenue increase 62.9% year-on-year in February, as Hoosier State operators reported a far higher hold rate.
FanDuel retained the No. 1 spot, with a handle of $113.2 million and $13.2 million in revenue. DraftKings was not far behind, with $121.8 million handled and $8.2 million in revenue.
Indiana collected $2.8 million in sports betting tax during the month, taking its total to $6.2 million so far in 2023.
