Despite a dip in sports betting activity, Indiana casinos came up big on other aspects of gaming, resulting in overall earnings showing healthy gains compared to previous months
According to January 2023 figures, slots and table games numbers increased both years over year and monthly. Those impressive returns made a dent in the decline seen in sports betting and kept the casino industry operating profitably within the state. It is clear that while the country as a whole saw sports gambling take small hits, Indiana successfully leveraged other revenue streams to ensure the viability of its own casinos.
Remarkable Transformation of Indiana’s Casinos
The Indiana Gaming Commission (IGC) was pleased to announce the figures for January 2023 on Friday. In total, the state’s thirteen casinos saw a revenue of $193.9 million from slots and table games – with $162.5 million of that coming from slot play specifically.
While the preceding month only showcased a slight increase of less than one percent in income, this figure is significantly higher than that of January 2022, where the same establishments earned just $179.3 million – representing an impressive 7.6% change year-over-year. Despite sports betting activities playing a small role in the financial performance seen, it’s still pleasant to see the numbers flourishing like they have been this past month.
Indiana’s Sportsbooks Experienced a Decrease in Activity
The disappointing lack of playoff action for the Indianapolis Colts may have caused a lull in betting interest throughout Indiana last month. According to IGC’s report, basketball-related wagers yielded almost $65 million more than football bets and across the board, there were declines in both the total amounts wagered and revenues earned.
In comparison to December 2022, January 2023 saw a lower number of bets at $427.1 million, as well as a decrease in revenue generated at $36.4 million. Looking back at January 2022 statistics yields an even bigger drop off with an incredible $500.1 million laid down and only $35.5 million cashed out among Indiana’s sportsbooks. Interestingly enough, it would appear that when the Colts aren’t making headlines, sports betting takes a bit of one in Indiana.
Indiana’s Gaming Sector is Still Remarkably Robust and Thriving
The month-over-month decline in Indiana sports betting revenue seen in Indiana recently shouldn’t be interpreted as a sign of the gambling industry’s poor health. Rather, it’s important to take a broader view, understanding that sports betting forms just one part of the overall casino landscape.
The casinos’ bread and butter is still slot machines; sports betting is an additional bonus if they’re fortunate enough to turn a profit on it. This was certainly the case in Indiana, with December 2020 showing a growth year-on-year of inflows from slots of almost $10 million. With these promising numbers, the gambling industry in Indiana seems set to further expand throughout 2021 and into 2023, so concerns over weak sports betting figures should be allayed.