According to Indiana Gaming CommissionThe Hoosier state is now the most successful in Indiana. $10 billion benchmark figure In all-time sports betting handle with over $452.3 millions The November period saw the acceptance of wagers. Indiana joins five other US states who have crossed the $10 billion threshold since the Professional and Amateur Sports Protection Act was repealed on May 14, 2018. This allowed for legal sports betting. This impressive feat was achieved in just 39 months after the legalization of sports betting in September 2019, which included New Jersey, New York and Nevada.
A Eighth US State Will Clear 4 Billion in Handle by 2022
Indiana became the eighth state that cleared the $4 billion handle for sports betting in 2022. However, licensed sports betting operators narrowly missed out on a third consecutive month of revenue exceeding $40 million in November. This was due to a $30,000 drop. The month’s handle, however, was the sixth all-time highest handle in the history of the state, showing a 1.4% rise compared to October’s handle of $446.2 million. In September, the state’s sports betting handle reached $382.5.
Nonetheless, November’s sports wagering handle recorded a 2.5% decrease compared to the $463.7 million reported during the same month of 2021. Both November 2021 and November 2022 recorded sportsbooks’ win rates that went over 10%.
In November 2022 the state received nearly $3.8 million in taxes, bringing its total for 2022 to over $32.7 million. This represented an $6.1 million increase in revenue compared with 2021. This November’s revenue increased 22.9% compared with November 2021.
Indiana Sports Betting Operators pay a 9.5% Sales Tax
As previously mentioned, Indiana’s lawmakers officially legalized sports betting in May 2019 and launched the retail sports betting market a few months later in September. It opened an online gambling market in September of that year. Each state must collect a 9.5% tax from sports betting revenue. Most of the money goes to the state’s general fund, while a share also reaches a series of problems dedicated to problem gambling.
The Indiana Gaming Commission published a positive iGaming Report at the end September. It compared a variety of taxation and regulation rates, and implemented models. They also assessed the impact of iGaming in other states. According to the report, iGaming should be introduced in the state in a straightforward way.
