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When it comes to generating gambling revenue for the state, Indiana casinos are still the undisputed champs. All other forms of legal gambling in the state; the lottery, sports betting, wagering on horse races, etc., are mere also-rans.
For the fiscal year ending June 2022, Indiana pulled in over $1 billion in gambling fees and taxes. The state’s cut of bets on the action at its brick-and-mortar casinos represented almost 2/3 of that haul.
Indiana casinos bring home the bacon
The Indiana Gaming Commission (IGC) broke down the figures from the recently concluded fiscal year (Jul. 1, 2021 – Jun. 30, 2022) in its 2022 report to the governor. The biggest numbers in the report involve the state’s casinos.
Statewide, the IGC says, the 13 casinos collected over $2.5 billion from players. That translated into $660 million in revenue for the state from poker, slots, and table games.
Retail sports betting contributed to another $31 million in revenue for the state. Revenue off online wagers on sporting events was part of that $31 million as well.
According to Dan Carden of The Northwest Indiana Times, revenue from other sources helped push the state’s total haul for the fiscal year over $1.04 billion. During that period, Carden says the state also received more than $344.4 million from the Hoosier Lottery.
Revenue from assessments on charitable gaming and horse racing resulted in another $2 million for the state, Carden stated. While it’s the first time since 2012 that Indiana has collected over a billion dollars from gambling activity, per Carden, the numbers reveal other interesting trends.
Indiana sees stellar but expected growth
Compared to FY2019, Indiana’s gambling revenue for FY2022 looks like quite an improvement. In FY2019, taxes on win at the state’s casinos amounted to $590.7 million.
The COVID-19 pandemic significantly altered the circumstances around FY2020 and FY2021, so FY2019 is the best comparison to FY2022.
However, there are still significant differences in the market that for the growth of almost 11% from FY2019 to FY2022. Most importantly, there have been substantial investments into developing Indiana casinos during that time.
For example, the Hard Rock Casino Northern Indiana in Gary is a new property that opened in May 2021. Caesars has also invested in the state as well, revamping the Caesars Southern Indiana property.
Of comparatively minor but also relevant note, online and retail sports betting launched in Indiana during that time. Those developments have helped Indiana capture more revenue on a greater amount of gaming activity.
In FY2019, Indiana casinos took in over $2.2 billion from players, about 12% less than in FY2022.
It’s probably unrealistic to expect another 11% bump in revenue for Indiana from FY2022 to FY2023, as sports betting is now entrenched and the amount of investment in Indiana casinos doesn’t look like it will be on par with the three-year period from FY2019 to FY2022.
Another year of eclipsing $1 billion in total revenue might be possible, though.
