Indiana Casino Revenue Plummets in January

Quick Intro

The start of a new year often brings hope and anticipation, but January can also bring disappointment if expectations are not met. This sentiment might resonate with Indiana casino operators who experienced a significant downturn in revenue at the outset of the year.

Casino Revenues See a Decline in January

The Indiana Gaming Commission (IGC) revealed that the state’s 13 land-based casinos saw more than $157 million in adjusted revenue from poker, slots, and table games for January. This marks a 16.6% decrease from January 2023 and represents the lowest January revenue since 2021, amidst lingering COVID-19 restrictions. Comparing the first seven months of the current fiscal year to the same period in FY2022-23, taxable casino revenue has seen a smaller decline of 6.6%.

While the casinos faced a challenging start to 2024, Indiana’s sports betting sector experienced a remarkable month, nearly setting records.

Sports Betting Hits Near-Record Highs in January

January’s 31 days saw Indiana residents wagering over $480.5 million through licensed sportsbooks, making it the second-highest January total and the fourth-highest for any month in the state’s history. This substantial betting volume resulted in $53.4 million in taxable revenue, a significant 31.8% increase from January 2023 and the second-highest monthly total ever recorded in Indiana, only slightly behind December 2023’s record.

This surge in sports betting activity culminated in over $53 million in tax revenue for Indiana in January 2024. While casino performance was less stellar, the state remains optimistic for a rebound as the year progresses.

Indiana’s focus might not currently include new legislation for online casino legalization, but it stands as a key state to watch for potential future expansion in online gambling. Monitoring developments in US online casino legislation is essential for staying informed on the evolving landscape.

As Indiana navigates through 2024, the contrasting fortunes of its casino and sports betting sectors highlight the dynamic nature of the gambling industry, underscoring the potential for recovery and growth in the months to come.

Source: https://www.in.gov/igc/files/2024-01-Revenue.pdf