New Jersey Local News, Breaking News, Sports & Business.

Sports betting apps fuel Indiana’s treasury – WISH-TV | Indianapolis News | Indiana weather


INDIANAPOLIS (WISH) – In September, Hoosiers spent $ 350 million on their sports betting apps.

Indiana appears to be the winner, with tax revenue up 203% year over year.

Shawn Dellinger is a self-described causal sports bettor. “The minimum amount I’ve done this year so far has been $ 20-30,” said Dellinger.

To use a sports betting app licensed to an Indiana gambling company, the better one must be in the state of Indiana.

Dellinger has bet on the home team. “It’s a lot smaller. I bet $ 5 on the Colts to win the Super Bowl. I put a few dollars here and there. It’s almost all Colts, ”said Dellinger.

In September alone, Hoosiers spent $ 350 million. Football betting led the way at $ 148 million, followed by parlay betting, which wagered on multiple sports at $ 91 million.

Sports mobile apps were a bonanza for the Indiana Treasury Department. For fiscal 2021, Indiana’s sports betting apps raised more than $ 2 billion from wagering. But are the billions of dollars flowing through Indiana phones and computers creating dollars?

Kyle Anderson, professor of business administration at Indiana University’s Kelley School of Business, said, “I would say it doesn’t do much, especially when we think of sports gambling because it’s done in your app. You are not placing a bet at a till window. You don’t go to a casino and have a bigger experience. Just betting on your app will not create jobs. Most likely the people who run this app are not in Indiana. “

According to the Indiana Gaming Commission, sports betting apps sent nearly $ 7.5 million to the state in fiscal 2020. For this fiscal year it’s nearly $ 23 million, up $ 15 million.

For anyone wondering, sports betting apps are taxed at 9.5%.

Sports betting apps took off in September 2020, and Hoosiers quickly warmed up to this new form of entertainment. In the first month, the state collected $ 800,000 in taxes.

“It is clear that spending on gambling and sports betting is really crowding out other types of spending. It’s an entertainment dollar, and that means people are using that money in place of other forms of entertainment, ”said Anderson.

Placing bets on your phone is pretty new and once the novelty has faded the expenses are expected to level off.


Comments are closed.