Restrictions hit gambling revenue in Indiana

INDIANAPOLIS (AP):

INDIANA’S GAMBLING revenue plunged in March after the state banned large gatherings to stem the spread of the coronavirus, forcing the closure of casinos and the cancellation of major sporting events.

The state received about $29 million in gambling tax revenue last month, a drop of 52% from roughly $60 million in February, the Indianapolis Business Journal reported.

Total casino revenue was $98 million in March, down from $196 million the month before. Over the same period, the amount of money wagered was $75 million, a fall of about 60% from the amount wagered in February.

The Indiana Gaming Commission ordered 11 casinos and two horse-track racing casinos to close March 16. Though mobile sports wagering can continue, the widespread cancellation and delay of sporting events have substantially restricted what gamblers can bet on.

SEVERE ILLNESS

For most people, the coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.

Sports gambling bets had been expected to increase in March, primarily due to the NCAA basketball tournament, but that competition was cancelled. Conference tournaments were called off before most games were played.

Regardless, people in Indiana still managed to bet $35 million on basketball in the month.

“Last March, states with similar sports-betting regulations like New Jersey and Pennsylvania saw their revenue essentially double from February to March, thanks to the biggest event in sports betting, the NCAA basketball tournaments,” Max Bichsel, vice president of US business for Gambling.com Group, said in an email. “While it’s hard to predict the full impact, it’s safe to say Indiana only achieved a fraction of its gaming revenue potential for March.”

Adjusted gross revenue for the sportsbooks was $5.5 million, which is the lowest amount since Indiana legalised sports betting in September.