Football season is back and with it the betting revenue that comes along with America’s favorite sport. In the US states that have released their September sports wagering reports, it’s clear that bookmakers won more last month.
Hold rates in September are typically higher but some of the states had a great boost – and one of them is Indiana.
Football Betting Boost
As the NFL season and college football return, so does the betting revenue for sportsbooks across the United States. Sportsbooks from several states have capitalized on the sudden boost in football wagers last month and retained a great portion of the handle.
Indiana, together with New Jersey and New York have seen a spike not just in betting number but also a great lift in retained revenue for sportsbooks. The Garden State sportsbooks retained a total of $97.9M in bets in September which was the second-largest amount won by sportsbooks for a month and the eighth-highest in sports betting history.
Meanwhile, Indiana sportsbooks also had a great feat last month as they achieved the highest hold rate among the state which already has a report for September. The holding rate of Indiana sportsbooks is on a growing trend in the last few months as it reported 9.9% in May, 10.1% in July, 10.7% during August, and a massive 13.3% in September.
Moreover, New Yorkers may just wager the six-highest total for a month but the operators translated it for an all-time high in terms of revenue.
All these sports betting revenue boosts are rooted in the football wagering which erupted as the NFL season commences. In Hoosier State, for example, $153.8 million have been wagered in Football related events.
The States Are Also Winning
Higher sports betting hold rates are generally seen as a good thing for sportsbooks. After all, a higher hold rate means that the sportsbook is keeping more of the bets placed with them. However, this also has a positive impact on state governments.
That’s because states typically impose taxes on sports betting activities. So, when sportsbooks have a higher hold rate, this also results in more taxes being paid to the state. This is just one of the many ways that states benefit from legal sports betting.
In addition to generating tax revenue, legal sports betting also creates jobs and promotes tourism. As more states legalize sports betting, they are likely to see even more benefits.
