Both Indiana and Iowa reported their March sports betting numbers. Sportsbook operators in both jurisdictions were expecting the numbers to jump as March Madness would provide bettors with more games to bet on as the only event that garnered a lot of attention in February was the Super Bowl.
Breaking Down March Sports Betting Handle in Indiana
Sportsbook operators in Indiana combined to bring in a sports betting handle of $476.8 million which was a 16.5 percent increase from the month prior saw $409.1 million. Comparing the year-to-date figures was worth noticing the difference as it signified an increase of 50.5 percent from March 2021’s $316.7 million.
The mobile sports betting numbers were also up as mobile online sports betting made up the majority of the handle. Operators combined to accept $446.7 million in bets for the month, an increase by 15.9 percent from February’s $385.5 million. The handle also noted an increase of 55.8 percent from March of last year.
Bookmakers took in sports betting revenue of $32.3 million which was significantly higher by 90.3 percent compared to February’s $17 million and was 22.5 percent higher than March 2021’s $26.4 million.
The Hoosiers State was able to collect more taxes with the increased volume of gambling as the state collected $3.1 million, which was 90.3 percent higher than February’s $1.6 million and 22.4 percent more than March 2021’s $2.5 million.
Indiana’s casino win total was also great as the total handle was $235.2 million, while the taxable amount came to $219.2 million.
Taking a Look at Iowa’s March Sports Betting Handle
Iowa was another state that benefited by entering the month of March awaiting the tournament. Bettors across the state wagered a total of $233.5 million which was up 5.2 percent compared to February’s $215.9 million and was higher by 44.7 percent when comparing the results from March 2021 that hit $161.4 million.
March was one of the months that would have challenged the record of $303.3 million that was set to start the new year. However, March’s mobile sports betting handle shows that betting is becoming more prominent in the Hawkeye State as $208.2 million were wagered online, which is an increase of 6.8 percent from $195 million and was 49.4 percent more than March 2021’s $139.4 million.
Operators combined to bring in a revenue of $14.4 million, which is 68 percent more than February’s $8.6 million and 7.1 percent higher than March 2021’s $13.5 million. The state was able to collect a little less than $1 million in taxes, which was slated at $972,991. Still, it’s a major increase of 64 percent from February’s $593,540 and 7.2 percent more than March 2021’s $908,011.
How Did Schools From Both States do in the Tournament
The Indiana Hoosiers defeated Wyoming in the First Four but suffered a major loss against Saint Mary’s in the opening round of the tournament. On the women’s side of the bracket, the program lost to the runner-up of the tournament, UConn, in the Sweet 16.
Notre Dame played one of the more exciting games in the tournament as there were numerous momentum shifts throughout the game, which led to a stunning double-overtime victory in the First Four. After, they pulled off an upset against Alabama and eventually fell to Texas Tech. The women reached the Sweet 16 before blowing the lead and losing to NC State in the Sweet 16.
Purdue had high expectations coming into the Tournament, led by a projected top-five pick, Jaden Ivey, leading the Boilermakers at the point guard position. They beat Yale and Texas to make it to the Sweet 16 before falling to the Cinderella team, the Saint Peter’s Peacocks, in the round.
The Iowa Hawkeyes men and women won the Big Ten Tournament. The men got stunned in the opening round by losing to Richmond, while the women’s teams lost to Creighton in the second round.
The rival Iowa State Cyclones, men and women, had better runs in the tournament. The men defeated both LSU and Wisconsin before falling to Miami in the Sweet 16.
On the women’s side, they defeated Arlington and Georgia. However, the program would suffer the same fate as their in-state rival as they lost to Creighton in the Sweet 16.