January proved to be a lackluster month for Indiana’s brick-and-mortar casinos.
To recap, last September, the Hoosier state legalized and launched online sports betting. Although sports betting made its debut that month, casinos still posted over $27 million in profits all from table games that month.
In fact, overall table games still continue to reap and even increase in profits despite the introduction of online sports betting.
Why was January such a slow casino revenue month?
To begin with, it is clear that on the whole, the gambling market in the Hoosier State is growing. Profits from table games, slots, and sports betting are increasing overall.
However, table games did not increase in the month of January. As a matter of fact, comparing December’s reported table games profit (just shy of $36 million) to January’s profits of a bit more over $36 million, it is safe to conclude that table game growth was minimal at best.
What’s more? January marked the premier full calendar month of two casinos offering table games: Indiana Grand Casino and Harrah’s Hoosier Park. Truly, it is puzzling that the addition of the two operators failed to translate to more table game growth.
Nonetheless, this is not the result of wagers in Indiana. All in all, bettors wagered $17 million more in the month of January compared to December, yet casinos did not profit from it.
The top 3 table games: baccarat, blackjack, and poker
Two casinos, Horseshoe Hammond and Ameristar East Chicago account for around 80% of baccarat revenue in the month of January. Although baccarat remains an extremely popular table game, the Indiana Gaming Commission (IGC) recorded an approximate loss of $2 million. Partially, this may be due to the newcomer casinos Indiana Grand Casino and Harrah’s Hoosier Park only showing a combined $150,000 from baccarat.
Despite the reported loss of baccarat profits, house-banked poker and blackjack reported significant growth.
In detail, blackjack grew around $5 million and house-backed poker banked nearly $600,000 of profit growth for the Hoosier State’s casinos.
Also, a busy sports betting season is upcoming. Therefore, it remains to be seen in future months how it will affect Indiana casinos table games profits.
Indiana sports betting still growing
A new record of $170.8 million was wagered by sports bettors in January through casinos and mobile apps. Yet, growth does appear to be cooling off. According to the IGC, December’s record of $161.8 million only amounts to around a 5% increase.
However, with Super Bowl Sunday and NCAA’s March Madness upcoming, it is a safe bet to assume the continued growth of the Hoosier State’s sports betting market.