Slow and steady might not impress investors in Indiana casinos, but for those who depend on those gaming facilities for their livelihoods, consistency looks pretty good. That’s exactly what casinos in the Hoosier State achieved recently.
Indiana casinos racked up almost $192 million in revenue from poker, slots, and table games during February 2023. That’s a very slight improvement from the same month in 2022. Sportsbooks in the state had a great month, too.
Indiana casinos hold steady in February
According to the latest release from the Indiana Gaming Commission (IGC), the state’s 13 brick-and-mortar casinos paid over $64.4 million in taxes last month on their revenue from poker, slots, and table games. That came from $191.8 million in adjusted gross revenue (AGR) on those gambling verticals.
Horseshoe Hammond led the way in terms of revenue, reporting $27.2 million for February 2023. Statewide, revenue on slot games accounted for $170 million in gross revenue prior to adjustments. Table games pulled in another $34.8 million before adjustments.
The $191.8 million in AGR represents a downturn from January’s $193.9 million. However, it’s also a 2.4% increase from February 2022. During that month, the IGC reported $187.2 million in win from poker, slots, and table games.
While in the big picture, things largely stood pat across Indiana at the slots and on the gaming tables, sportsbooks actually enjoyed a great month.
Super returns for Indiana sportsbooks
In one way, the numbers for Indiana sports betting resemble the casino figures. February 2023 saw the state’s online and physical sportsbooks win $27.6 million from bettors. That’s about $9 million less than they won in January.
In another way, though, Super Bowl LVII contributed to a much better month than did Super Bowl LVI in February 2022. During that month, Indiana sports betting platforms collected just $16.9 million in revenue, about 38.8% less than they did in February 2023.
Additionally, February 2023 saw the sportsbooks win more on a lower amount of dollars wagered. Indianans put down $409.1 million on sports bets in February 2022. Last month, the same wagered only $356.1 million. Thus, Indiana sportsbooks held about 7.7% of the money they took in during February 2023.
Despite the presence of the biggest NFL game of the year, bets on just football alone were quite pedestrian. Such wagers came to just $20.5 million last month. Basketball bets led the way with $165.9 million and parlays, which could have included Super Bowl LVII, came in second with $99.5 million.
Once again, FanDuel went over the top and burned the competition for sports betting revenue. During February 2023, FanDuel claimed $13.3 million from bettors, at least four million more than any other online sportsbook in the state. Among physical sportsbooks, the Ameristar Casino in East Chicago kept $180,830 during the month to snag the top spot.
Indiana casinos would like to mirror the improvement in sportsbook revenue going forward this year. However, a slight improvement is probably quite acceptable for them as well.
