States have generally followed this pattern: their sportsbooks dipped in terms of revenue in February before bouncing back in March. The reason for the February decline is that the All-Star Break in the NBA took place. Also, for the NFL, there was basically only the Super Bowl. In both sports, then, there were way fewer games played than in a normal month.
Fewer games mean fewer betting opportunities, which means less revenue for the top sportsbooks. March, however, did not see a break in the NBA action as in February with the All-Star Break. Also, a key event happened that folks in Indiana are particularly fond of, as I will discuss below.
Revenue for sportsbooks in Indiana dipped to a level in February that must be considered disappointing despite the expectation that revenue would drop. In February, the revenue for sportsbooks was reported to be 17 million. Ridiculously, this number almost doubled to 32.3 million in March.
This March figure is almost record-breaking for the state. Out of all the states, this revenue total for Indiana and its sportsbooks is the fourth-highest. Indiana is known as a basketball state. The state is permeated by basketball schools like the Hoosiers, of course, Butler, and several others.
So it must come as no surprise that Hoosier bettors take great interest in college basketball. Despite the lack of Indiana-based teams in the NCAA Tournament and the shockingly early exit of Purdue, bettors residing in the state placed a lot of wagers on NCAA Tournament games.
The Top-Rated Books
For good reason, bettors loved to make use of these sportsbooks’ offerings. Of course, a significant proportion of the profit generated by these sportsbooks based in the state goes to the state itself in the form of taxes.
The state as a whole thrives, therefore, all the more given the ability of these sportsbooks to generate such significant betting interest. Since college basketball is over, though, we’ll be a bit nervous about future Indiana numbers.