Indiana Sportsbooks See More Wagers, But Get Less Revenue in November
When you learn how to become a bookie, your guides will tell you that it is important to keep track of the latest news in the sports betting industry. It helps give you an idea of the current market conditions, such as trends and such. It becomes a guide for you in managing your sportsbook, so you know what to expect, and what to prepare for. And, of course, to understand the numbers in your sportsbook. Like, for instance, to try to decode why Indiana sportsbooks see more wagers, yet collect less revenue for the month of November.
According to the Indiana Gaming commission, sportsbooks in Indiana collect $513.6 million in bets for November. This is almost 20% higher than October’s $429.6 million. The increase in handle is definitely great news, especially to those who are about to open a sportsbook. Additionally, it is also historically consistent to see higher betting values during this time of the year.
Indiana Sportsbooks See More Bets; Not as Much Revenue
However, one can see a sports betting market jump in terms of handle, yet have a somewhat underwhelming revenue. Such is the case in Indiana, where the bottom line of sportsbooks operators fell. Out of the total handle, sportsbooks only get to keep $30.7 million in revenue for that period. This is much lower than October’s $45.2 million. Those who are new to the industry probably wonder how revenue drops when there are more bets coming in.
The answer is in the hold percentage, or the percentage that sportsbooks get to keep versus payouts or winnings. In October, the hold was at a comfortable 10%. But for November, the hold dropped to 6%. Ideally, you want a higher hold percentage at the double-digit level, which means you get to keep more money as revenue. If you want to see the numbers, such as the handle, hold percentage, and other important data from your sportsbook, your Pay Per Head Bookie software has a section where you can generate a report so you can view and analyze your data.
