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IGC Awards 30th Sports Betting-Related License To PointsBet

The Indiana Gaming Commission doled out its thirtieth license reltaed to the new sports betting industry, this one going to PointsBet.

Heading into the final week of January, the Indiana Gaming Commission (IGC) approved 29 sports betting licenses and certificates of authority.

As of today, make that 30.

The IGC announced today it approved a temporary vendor license for PointsBet Indiana LLC, who will do business in the Hoosier State as PointsBet in partnership with Hollywood Casino Lawrenceburg.

PointsBet’s approval is the second IGC approval this month. The commission gave a license to Roar Digital (Belterra Resort and BetMGM) two weeks ago.

What led up to PointsBet’s license

PointsBet is becoming a familiar name in the U.S. sports betting industry. The company has hired Allen Iverson and Darrelle Revis as spokespeople. They’ve opened up shop in New Jersey and Iowa and, earlier this month, they won a license in Michigan.

While today marks a big win for the Denver-based operator, the move into Indiana has been in the works for about a year. In July 2019, the firm struck a deal with Penn National, which owns 35 properties in the South, Midwest, Northeast, and West, including Tropicana Las Vegas.

The company operates two properties in Indiana: Ameristar Casino Hotel East Chicago and Hollywood Casino Lawrenceburg.

PointsBet is actually the second sports betting operator to get a Hollywood Lawrenceburg skin. Penn Sports Interactive gained a license in Aug. 2019. The casino has one remaining skin, per Indiana regulations.

PointsBet’s role in Indiana sports betting

As mentioned earlier, Indiana’s sports betting industry is packed with operators, including some well-known names like:

All 11 of the state’s land-based casinos take sports wagers (there are two riverboats without sports wagering). This past December, Hollywood Lawrenceburg’s sports betting revenue totaled $880,009, putting making the property one of only four in the state to report revenue of more than $750,000.

Of those four, Hollywood is the only casino below $1 million, though. The top three revenue earners this past month were:

Adding PointsBet to its arsenal will likely boost Lawrenceburg’s revenue, but exactly when PointsBet will go online isn’t clear. In an ideal world, Hollywood would have its second sports-betting operator up and running by the NCAA Tournament at the earliest and before the start of the MLB season at the latest.

Indiana sports betting history

As mentioned earlier, the IGC now has 30 sports betting operators on its books. The state’s sports betting industry launched in Sept. 2019, with casinos, racinos and off-track parlors taking in-person bets. The first mobile bets took place on October 3rd, with BetRivers and DraftKings accepting the initial bets.

The IGC approved licenses and certificates of authority in waves, the majority of which came between August and November:

  • August: Nine certificates of authority licenses for casinos to commence sports betting) and licenses
  • September: Four certificates and licenses
  • October: One license
  • November: Thirteen certificates and licenses

In the state’s first month of legalized sports betting, casinos pulled in $35.21 million in handle and $8.55 million in adjusted gross revenue (“AGR”, handle minus payouts). The first month’s breakdown by handle per sport was:

  • Football: $20.73 million
  • Baseball: $3.44 million
  • “Other”: $449,108
  • Basketball: $120,101

Casinos also took $9.77 million in parlay action.

The numbers jumped significantly in October:

  • Handle: $91.69 million (+160%)
  • AGR: $11.53 million (+34%)

Football handle jumped nearly doubled and baseball handle nearly tripled.

The growth in handle continued through November to December, a month in which handle eclipsed $160 million for the first time but AGR remained level at $11.98 million, as compared to October.

This month’s numbers should be interesting, as the forthcoming Super Bowl and NFL playoffs should bring in record betting numbers. A total handle of more than $170 million is not out of the question.

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