Indiana General Fund revenue posts strong February numbers

Indiana saw February General Fund revenues increase by 7.5% from last year, according to data from the State Budget Agency on Friday.

Last month, the state received $1.22 billion in revenue, an $84.7 million increase from February 2022.

Sales and use taxes grew by 6.6% to $812.1 million, with the $50.6 million increase fueling much of the monthly growth.

Other revenue streams that reported significant growth from last year include state insurance taxes, which more than doubled from the year prior to $27.7 million last month.

The state’s casinos, combined with the two racinos and sports betting operators, generated a total of $64.4 million in wagering and supplemental taxes last month, according to the Indiana Gaming Commission. That’s an increase of $3.3 million from last year.

Overall, the state’s casinos and racinos reported adjusted gross revenues of $197.6 million in February, up more than $9 million from January and more than $10 million from February 2022.

Hard Rock Northern Indiana remains the biggest casino in the state in terms of revenue. Last month, the Gary casino reported $33.1 million in adjusted revenues. Horseshoe Indianapolis, a racino owned by Caesars Entertainment in Shelbyville, reported $28.7 million in AGR.

Among Southern Indiana casinos, Caesars Southern Indiana remains the region’s leader, generating $20.5 million in AGR.

Much like January, Indiana’s licensed sportsbooks saw a year-to-year drop in handle for February, but despite the decreased traffic, the operators reported substantially higher revenues.

The IGC reported Friday that the state’s 13 online sports betting operators and 14 brick-and-mortar locations accepted $356.2 million in wagers last month. That’s down from $409.1 million in February 2022.

The decline in wagering activity is likely due in large part to neighboring Ohio finally launching sports betting earlier this year. Ohio reported a January handle of $1.11 billion, with February’s report due later this month.

Still, the sportsbooks reported $27.7 million in AGR, up from %17 million in February 2022. That allowed the state to receive more than $2.7 million in taxes.