The Indiana Gaming Commission has released a report showing how the gambling industry performed during the first month of 2023. According to the report, Indiana casinos generated slightly over $200 million from slot machines, table games, and sports betting.
This is a good way to start the year. It acts as a benchmark for the rest of the years.
Last year, Indiana casinos made slightly over $2 billion. This was a good performance that the state might want to outperform this year. But, however, the rest of the year will go, Indiana did well in January.
Indiana Casino Revenue for January
Generating over $203 million in revenue was a hot start for Indiana casinos. The revenue generated in January is also similar to what the casinos generated in December 2022. Like many times before, the Hard Rock Casino in Northern Indiana topped the list.
The casino is strategically located. It is a few miles from Chicago, making it an appealing destination for players from Illinois and Indiana. Here is a breakdown of how the top five Indiana casinos performed, starting with the one that generated the least:
- Harrah’s Hoosier Park: $19 million
- Caesars Southern Indiana: $22 million
- Horseshoe Hammond: $27 million
- Horseshoe Indianapolis: $29 million
- Hard Rock Northern Indiana: $35. million
The state has a total of 13 casinos. The remaining casinos generated approximately $71 million.
Most of this revenue was generated by slot machines and table games. Ideally, all casinos generated over $193 million from table and slot machines. Around $162 million of this came from slot machines.
In December, these casinos generated slightly over $192 million from casino games. This was barely a one percent increase from November’s income.
Meanwhile, Indiana casinos generated over $179 million from casino games in January 2022. This is a 7.6 percent increase in January`s figure. Unfortunately, sports betting did not do so well.
Sports Betting Revenue
Sports betting revenue was down across the nation. So, it is not a surprise that sports betting did not do well in Indiana. But, Indianapolis Colts missed the playoffs for the second consecutive season, dampening players’ interest to wager on sports.
Online and physical Indiana sportsbooks received $427.1 in wagers, earning only $36 million in profits for the first month of 2023. Residents wagered more on basketball events than football events by over $65 million.
The month-to-month numbers were horrifying. The residents wagered over $431 million on sports in December 2022, leaving casinos with a profit of $42 million. During the start of last year, residents wagered $500 million, leaving casinos with a profit of $35.5 million.
This was a one percent month-to-month decrease and a 14.6 percent decrease year-over-year. Football bets have also decreased by over $45 million since January 2022. But, that does not mean that the Indiana gambling industry is doing badly.
Sports betting is just a gravy to the gambling industry. Indiana casinos focus on generating more money from slots and table games. For instance, Indiana slot machines generated $10 million more in 2022.
While the sports betting revenue decreased by 15 percent, Indiana is hopeful that 2023 will be a good year. It could be considering it had a hot start.
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