College basketball tournaments in March fueled a strong surge in sports wagering in Indiana for the month.
PlayIndiana.com credited the men’s and women’s college basketball tournaments in March for pushing sports betting, both online and at retail sportsbooks, to $476.8 million for the month. This is according to its review of state gaming revenue data.
“Because of the NCAA Tournament, March is easily the busiest non-football month on the calendar for sportsbooks,” said Jake Garza, lead analyst for PlayIndiana.com. “If anything, though, Indiana’s sportsbooks beat expectations.”
March’s sports betting total outperformed February. Sports bets in Indiana totaled $409 million in February, which was down from $500 million in January.
Sports betting in March translated to $32.8 million in gross revenue for the state’s operators, which generated $3.1 million in state and local tax collections.
Year-over-year, handle is up 50.5% from $316.7 million, and operator revenue is up 19.6% from $26.4 million, PlayIndiana.com reported Wagers were also up 16.5% from $409.1 million in February, and revenue was up 46.4% from $22.4 million.
Basketball, which includes bets on the NBA as well as men’s and women’s college basketball, was clearly the driver for the increase in wagering, PlayIndiana.com said. In March, $274.1 million was wagered on basketball, up from $160.7 million in March 2021 and up from $201.9 million in February 2022.