Sports Betting Dip
Several States See Sports Betting Dip
Now that we are in the middle of March, sports betting handle and revenue totals from states in the U.S. will start to roll in. If three of the first states to report are any indication then it could be a slow month for the entire industry.
Indiana, Iowa, and Tennessee all saw significant drops from what was reported during the month of January, but that was to be expected. January was a much longer month than February, and there was only one NFL game on the schedule.
Indiana is a state that has been on the rise for several months, and that state posted a total sports betting handle of more than $500 million in January. The February sports betting handle total was just $409 million, and there was also a dip in the mobile sports betting numbers.
The loss of handle was predicted, but Indiana sportsbooks also had a very rough month when looking at the total sports betting revenue for January. Iowa sportsbook posted a gross gaming revenue of just $16.9 million in February after that total was more than $35.5 million in January.
Lawmakers in Indiana are hoping to offer new iGaming options in the coming months as two bills have been introduced to legalize online casino gambling. The success of sports betting, especially online, has prompted these lawmakers to look for more options.
Big Drops in Iowa
Iowa is not a state that is going to show up as one of the ten biggest markets in the U.S. but it was a state that was seeing plenty of growth. That momentum all came crashing down in February, as the total sports betting handle fell by nearly 30%.
Sportsbooks in Iowa last month also saw a 40% drop in sports betting revenue, and the total came in at $8.5 million. Mobile betting once again made up the majority of wagers in February, but that form of betting saw a decrease as well.
The total sports betting handle in February for Iowa was $215 million, and it will be interesting to see where this lands the Hawkeye State on the list.
Tennessee Trouble, But Growth Coming
The state of Tennessee has had an interesting history in the sports betting industry, and it’s been one that has already come with a change in leadership. The Sports Wagering Advisory Council is now in charge, and that group is trying to make changes to the industry.
Tennessee still posted a total sports betting handle of $313.2 million for the month of February, but that was a decrease of $ nearly 19 percent from January. The adjusted gross income fell by nearly 50 percent as the total was just $15.1 million.
The SWAC just recently approved three new sportsbook for a license and that should have a positive impact on the overall industry.
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