WynnBET is able to launch an online sportsbook in Indiana starting Thursday after getting regulatory approval earlier this week. [Image: Shutterstock.com]
The fifth WynnBET launch
WynnBET can launch an online sportsbook in the Indiana market starting Thursday after getting approval from the Indiana Gaming Commission. The operator had received a temporary vendor license on March 1, subsequently demonstrated its ability to meet all of the gaming commission’s rules and regulations, and received the final stamp of approval on Tuesday.
This is the fifth state in which WynnBET will have a sportsbook up and running, alongside New Jersey, Virginia, Michigan, and Colorado. It also has approval for a Tennessee offering, but it has not yet launched in the state.
WynnBET got market access in Indiana through a 2019 partnership between its parent company Wynn Resorts and Full House Resorts Inc. Full House Resorts operates five casinos across four states, including the Rising Star Casino Resort a couple of hours southeast of Indianapolis.
Other operators in the state
As casinos in Indiana can have three online sports betting partners, the Rising Star Casino also has a partnership with the not-yet-launched SBK Sportsbook and Churchill Downs Incorporated’s TwinSpires brand. The latter recently rebranded from BetAmerica.
they have consistently been the worst-performing sportsbooks in the state
A retail sportsbook opened at the Rising Star Casino in November 2019 under the BetAmerica brand; its online offering launched the following month. They have consistently been the worst-performing sportsbooks in the state, reporting a total betting handle of just $215,683 in February.
Following the WynnBET launch, ten online sportsbooks will be live in Indiana. WynnBET will be the first operator to launch this year. Other online sportsbooks that are looking to go live in the near future include Barstool Sportsbook, 888 Sport, and SBK Sportsbook. Penn National Gaming’s Barstool already has a couple of retail sportsbooks up and running in the Hoosier State.
Growth of sports betting in Indiana
Sports betting became legal in Indiana in May 2019 and the first online sportsbooks launched in October of that year. For the first entire year of live sportsbooks, the total handle in 2020 was more than $1.7bn.
The sector is still growing, with January setting a new betting handle monthly record. Bettors placed $348.2m worth of wagers in the first month of 2021 and over 85% of the handle came through online sources. In terms of the most dominant sportsbooks in the state, DraftKings was easily on top in January with $122.6m in handle. FanDuel was next on the list after taking in $89.2m worth of bets, while BetMGM accepted wagers totaling $52.4m.
another record handle could be on the way because of March Madness
February’s figures weren’t as strong, as the total handle only reached $273.9m, though this drop is mainly attributable to the lack of football and the shorter month. Basketball is extremely popular in Indiana and the sport’s betting handle was larger in February than any other last month. Therefore, another record handle could be on the way because of March Madness. The college basketball tournament receives more bets than almost any other event each year.