Indiana Sports Betting Handle is Back with the Help of March Madness
Indiana is another jurisdiction that reported its monthly sports betting handle this week. The Hoosier State’s March handle bounced back by surpassing the $450 million mark.
Indiana’s Sports Betting Handle in March
Sportsbook operators in Indiana combined to bring in $476.8 million, which noted an increase of 16.5 percent from February’s $409.1 million. The year-to-date numbers were also up a significant amount. March 2022’s handle was up 50.5 percent higher than March 2021’s $316.7 million.
The mobile sports betting handle also witnessed an increase as online platforms accepted $446.7 million in wagers. This was an increase of 15.9 percent from February’s $385.5 million and was 55.8 percent more than last March’s $286.8 million.
The gross sports betting revenue skyrocketed this month as operators combined to bring in $32.3 million. This signified an increase of 90.3 percent from February’s $17 million and was also up 22.5 percent from March 2021’s $26.4 million.
The state was able to collect $3.1 million in taxes, which was up 90.3 percent from February’s $1.6 million. Comparing the year-to-date figures, the tax total was 22.4 percent higher than March 2021’s $2.5 million.
Indiana’s casino handle hit $235.2 million, while the taxable adjusted revenue was slated at $219.2 million.
How Did the Indiana Collegiate Programs Do in March Madness
Indiana is known for having some of the most talented players in the country due to its high school and collegiate programs. Those who reside in the Hoosier State have a couple of teams they can back in the most highly anticipated event other than the Super Bowl.
On the men’s side of the bracket, the Indiana Hoosiers. However, their season came to end after the team couldn’t seem to put up a fight against Saint Mary’s in the opening round of the tournament. On the women’s side of the bracket, the Hoosiers made it to the Sweet 16 before falling to the eventual national runner-up, UConn.
The Notre Dame men’s team played one of the more exciting games in the tournament as they defeated Rutgers in the First Four in double overtime.
After, they pulled off an upset against Alabama before losing to Texas Tech. On the other hand, the women reached the Sweet 16 before blowing the lead and losing to NC State in the round of 16.
The most notable team that was from Indiana was Purdue, as they were the three seed. The program was expected to be a stronger contender for the national title as projected top-five pick Jaden Ivey led the way.
They beat Yale and Texas to punch their ticket to the Sweet 16. However, they felt short as Saint Peter’s, the Cinderella team, made it to the Elite 8.
What is Expected in April For Indiana
As numerous states keep posting their results for the month, April marks the start of the NBA playoffs and the MLB season. Experts predict that the average betting volume will cool off leading into the summer months.
Baseball just doesn’t attract the same amount of attention football, and college basketball bring throughout the year. Experts believe that the betting will pick back up once the NFL season starts.
