Indiana retail and online sportsbooks topped off their inaugural year in the state by surpassing $160m in bets in a month for the first time. Record handle in December pushed the state to more than $430m in bets since the first wager was accepted in September, a blistering pace that has set the stage for a momentous 2020, according to analysts from PlayIndiana.

During December, the state’s retail and online sportsbooks generated $161.8m in bets, up 10% from $147.3m in November. They also earned $12m in adjusted gross revenue, up 29% from $9.3m in November, while the “win” yielded $1.1m in taxes for the state.

“Indiana’s ascent to one of the largest sports betting markets in the country has been impressive by most any measure,” said Dustin Gouker, lead analyst for PlayIndiana. “The question for 2020 is whether Indiana can sustain its rate of expansion, especially as neighboring states become more likely to legalize sports betting. That has already happened in Michigan, which could take a bite out of the handle at some of northern Indiana’s retail sportsbooks.”

In total, Indiana sportsbooks have generated $433.4m in bets and $42.7m in revenue since launch, marking it as the fourth-largest sports betting marketing in the country. January should bring more growth. Football betting has accounted for $178.6m since launch and $59.1m in bets in December, and that is likely to increase with the NFL Playoffs. Basketball, which has tallied $82.2m since launch and $42.3m in December, should grow as college basketball enters conference season and the NBA season heats up.

“With the NFL Playoffs at hand and college basketball in full swing, it is possible that Indiana will surpass $1bn in bets by March, making Indiana one of the quickest legal US jurisdictions to reach that mark,” Gouker added.

According to the analyst, the relatively rapid growth of Indiana can be attributed to the adoption of online sports betting earlier than states such as Pennsylvania. In Indiana, $110.6m of December’s bets were made online representing 69.5% of the state’s total handle, up from 65% of the November handle.

BetAmerica, operating under the Rising Star Casino license, became Indiana’s fourth online sportsbook when it launched in late December. Still, DraftKings, which operates under the Ameristar Casino license, led the online market once again in December.The firm attracted $66.7m in bets, up from $64.1m in November, and generated $5m in gross receipts, up from $4.3m. 

DraftKings was followed by FanDuel/Blue Chip Casino, which generated a $36m handle in December, up from $23.7m, and a $2.2m win.

Once again, the top retail sportsbooks were those closest to large out-of-state markets. The top retail sportsbook in Indiana continues to be Horseshoe Hammond, near Chicago. The market leader generated $13.4m in December, up from $13m in November. Those bets generated $1.1m in gross receipts, up from $800,208.

“Indiana’s strong start is unquestionably tied to the state’s relatively early launch of online sports betting,” Gouker said. “Online sports betting should make up an increasing share of the state’s handle, too. That will help steady Indiana’s sports betting industry, even as increasing competition from neighboring states affect retail sportsbooks, which is inevitable.”