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So far, it looks like the 2022-23 fiscal year might have been the end of a pendulum swing for Indiana’s gambling industry. Through two months, Indiana casinos and sportsbooks have struggled to keep pace.
The gap isn’t massive, however, and it’s early in the current fiscal year. One aspect of the financial statistics points to an area where Indiana gaming entities could make up ground in the coming months.
August casino gambling numbers unremarkable, sports betting worse
There isn’t a lot of positive news to report about casino adjusted gross revenue (AGR) from poker, slots and table games in Indiana for August. The statewide total was down 5.7% compared to August 2022, for starters.
Only three of the 12 casino licensees saw individual annual improvements in their AGR and in all three cases, the upticks were quite negligible. The year-over-year revenue comparison is even less kind in terms of legal sports betting in Indiana.
August 2023’s total was 7.5% less than the same month in 2022. Books did fare well for the month in and of itself, however. They won almost 10% of the money wagered. That amount, incidentally, was almost identical to the amount that Indiana gambled on sports in August 2022.
The similarity of the money bet on sports in the annual comparison suggests that Indiana’s gambling industry could be in for some better months. With the Indianapolis Colts back in action alongside college football action at Indiana University and Notre Dame, the potential for greater sportsbook revenue lies ahead.
The sportsbooks will have to do some heavy lifting to turn the current fiscal year around, though.
How it started vs. how it’s going
Total AGR from all gambling (poker, slots, sports betting and table games) in August was down 5.9% over the same month last year.
However, comparing the last two months, including July Indiana gaming revenue, to the first two months of the 2022-23 fiscal year produces a kinder outlook.
The deviation in that comparison is statistically irrelevant although negative. Suffice it to say that licensed gambling in Indiana won’t close that gap moving forward if it continues on its present trajectory.
A reason to have some optimism there, though, is the popularity of parlay wagers on American football contests. Such bets tend to represent a high win percentage for sportsbooks because of the astronomical odds for bettors.
That might help shrink the gap in sportsbook revenue over the coming months. For certain, Indiana sportsbooks would love to see that.
