January is often a time to be full of optimism for a new year. That can make it extra disappointing, however, if the first month of the year doesn’t go as desired. Indiana casino operators might feel some of that disappointment.
Casino revenue for Indiana’s casinos diminished significantly for January. At the same time, January proved to be an excellent month for legal sports betting in Indiana.
Casino revenue dips during January in Indiana
According to the Indiana Gaming Commission (IGC), the state’s 13 brick-and-mortar casinos reported over $157 million in adjusted revenue on poker, slots, and table games during January. That’s a decrease of 16.6% in comparison to January 2023.
It’s also the lowest such revenue figure for January in Indiana since 2021, when some COVID-19 pandemic restrictions were still in place. For the first seven months of the current fiscal year, taxable casino revenue is down a less notable 6.6% compared to the same period of FY2022-23.
While January was anything but a robust beginning to the new calendar year for Indiana casinos, sportsbooks in the state enjoyed the month. It was almost the busiest initial month of the year for them yet.
Indiana sports betting piles it on in January
Throughout January’s 31 days, Indianans wagered more than $480.5 million using licensed sportsbooks. That’s the second-highest such figure for January in Indiana to date. It’s also the fourth-highest total for any single month.
Sportsbooks didn’t just take in an impressive amount of money, though. The IGC reports that translated into $53.4 million in taxable revenue. The commission does not share gross win for sportsbooks in Indiana.
Still, that’s an eye-popping 31.8% improvement over January 2023’s adjusted sportsbook revenue. It’s also the second-highest sum of its kind for a single month ever in Indiana, falling just short of December 2023’s sportsbook revenue record. For the current fiscal year through January, however, that tally is only marginally up compared to the same part of the previous term.
All of this gaming activity in January 2024 translated into just over $53 million in tax revenue for Indiana. While the state likely hopes for stronger performances for the rest of the year, everything has to start somewhere.
Although the state won’t introduce new legislation this year to legalize Indiana online casinos, it is one of the states to watch for future online gambling expansion. Keep track of online casino legislation in the US using our bill tracker.