It was a rough month for the Barstool online/mobile sportsbook in the state of Indiana.
The book, which launched on May 18, handled $10,402,399 and reported gross receipts of just $33,167 during June, according to figures from the Indiana Gaming Commission. That was a hold of just 0.3%.
Barstool handled $6,324,270 in about half of May, winning $267,512 for a hold of 4.2%.
Barstool is offering first-time depositors a basically industry-standard rebate in the form of site credit up to $1,000 on a customer’s first wager (if it loses). Like with rivals, the offer is a one-time deal nationally. For example, a Hoosier can’t get the offer in neighboring Michigan if they used it in Indiana. The online sportsbook also has been offering smaller promotions, such as a $10 sign-up bonus. The $33,000 in winnings shouldn’t be seen as a sign of concern for the sportsbook, as it is trying to quickly gain market share in a state with an online sportsbook market that is nearly two years old.
Indiana was Barstool’s fourth state, following launches in Pennsylvania, Michigan, and Illinois.
$246.3 million in June handle
According to the IGC, the market overall saw $246,321,671 in wagers, with online books handling $217,372,747, or 88.2% of the total. Those figures were nearly flat from May, when overall handle was $254,445,226 and online/mobile handle was $220,189,264.
Total taxable revenue off the $246.3 million in handle was $25,464,800 (up from $18,853,192 in May).
Below is a breakdown by online sportsbook:
$60 billion in handle since PASPA fell
Prior to the IGC’s release of June’s numbers, the state-sanctioned sports betting industry in the U.S. had taken $59,895,116,343 in bets since May 2018, per figures from Sports Handle. So, Indiana’s June handle puts the industry over $60 billion. It’s an arbitrary milestone, but it’s a nice round number!
The U.S. Supreme Court ruled in May 2018 that states have a right to legalize and regulate sportsbooks.
More than $4.1 billion in operator revenue has been generated off that handle, with the $4 billion mark falling in May. More than $600 million in state tax revenue has been paid.
Indiana also cleared $3 billion in total mobile handle with June’s numbers.