The Indiana Gaming Commission (IGC) has released its latest monthly revenue statistics, which have bad and good news. The figures state that the state generated a nine-year high gaming tax revenue in the 2021-2022 fiscal year. But its 12 legal casinos generated less taxable revenue in the last three months.
Last week’s IGC revenue figures show that Indiana generated $689 million in tax revenue in the last fiscal year. This was 18.2 percent or $107 million more than the revenue gaming revenue it earned in the 2020-2021 fiscal year. Also, it was the highest gaming tax revenue that it has generated in the past nine years since it earned $752.4 million.
This was Indiana’s first time to earn over $600 million in gaming taxes since it got $602.4 million in total gaming taxes in the 2017-2018 fiscal year. Its commercial casinos earned it $60.1 million in gaming taxes in June, which is based on the $188.7 million taxable adjusted gross revenue the casinos earned in the same period.
Hard Rock Northern Indiana is a brick-and-mortar casino that was launched in Gary in May 2021. It made the highest Adjusted Gross Revenue (AGR) of $31.4 million in June, followed by Horseshoe Hammond, a Northwest Indiana casino with $28.3 million.
The IGC reported that Horseshoe Indianapolis was the third highest revenue generator in the state with $23 millions, while Caesars Southern Indiana was fourth with $19.6 million.
The State’s Tax Revenue Rise and Sports Gambling Handle
The gaming tax is a progressive tax that depends on the revenue that each Indiana casino generates. The state gets a 3 percent tax, part of the supplemental tax from each admission which is evenly split between the host county, host city, and state.
Indiana taxes casinos 9.5 percent of their sports gambling revenues. Its licensed bookmakers generated $256.3 million in June from sports gambling. It was $10 million higher than what they generated in June 2021.
The IGC’s data shows that the sports betting handle dropped by almost $52 million from what it generated in May. The last basketball season lasted up to early June, thus making golf and baseball the only remaining active sports.
Bookies got less money even though more bettors wagered compared to 2021. They generated $15.8 million as taxable AGR in June, and it was $9.6 million less than the revenue they earned in June 2021 and almost $14.9 million less than what they got in May.
DraftKings and FanDuel are Indiana’s leading sportsbooks, and their online betting operations made 93.1 percent of June’s handle. The FanDuel online application generated $5.5 million in revenue and had a $79.4 million handle. DraftKings generated $3.3 million in revenue and had a $70.8 million handle.
Inflation Rates Soar As Indiana’s Casino Revenue Declines
The state’s casino revenue dropped in June for the third month. Its Gaming Commission’s report indicates that its casinos generated $197.2 million in June before deductions and free play. This was a 7 percent drop from the $211.9 million they generated in May.
Last month’s figure was over 16 percent less than the $235.2 million they generated in March. The country’s inflation rates have reached a 40-year high as Indiana’s casinos generate less revenue for the third consecutive time. The U.S. Bureau of Labor Statistics stated that inflation rose to 9.1 percent in June.
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