Indiana Online Sportsbook Closes Its Doors for Good

Dan Favale
By , Updated on: May 22, 2024 08:00 PM
Indiana Online Sportsbook Closes Its Doors for Good

Unibet has officially shuddered their Indiana online sportsbook operations. 

Officials and customers, of course, knew this day would come. Unibet, which was founded in 1997 and is based out of Malta, announced they would be closing their Indiana online sports betting services last year. They officially shut down as of April 2024, at which time Unibet in Indiana customers could no longer access their accounts. 

Plenty of questions arise in the wake of this development. Why did Unibet close? Did they only shut down in Indiana? Or did they shudder services elsewhere? What does this mean for Indiana sports betting? What other Indiana online sportsbooks are available?

That’s just the tip of the iceberg. There could also be ramifications for the future of Indiana online sports betting. This might even impact the future of online sports betting in the United States on a more macro level, too. With this in mind, let’s dig into the fallout from Unibet Indiana closing their doors together.

Why Did Unibet Shut Down Their Indiana Online Sportsbook? 

First and foremost, we must note that Unibet did not just shut down in Indiana. The company ceased all of their North American operations. This includes their online sportsbooks in Pennsylvania, New Jersey, Virginia and Arizona as well. 

So why did Unibet, a company that’s been around for nearly three decades, call it quits? Because they could not compete with the market share of other top online sportsbooks in the United States. As the folks over at OddsTrader.com noted: 

“Experts in the mobile sports betting industry have long believed there would be consolidation in the market and it’s already happening with WynnBET shuttering operations in all but a few states, while PointsBet recently sold its U.S. assets to Fanatics. Maxim Bet, Fubo Sportsbook, and FOX Bet are other casualties of industry consolidation.” 

Granted, market saturation is not the only reason Unibet’s Indiana online sportsbook didn’t make it. The operator’s parent company, Kindred Group, announced a series of other cost-cutting maneuvers as they look to recalibrate their focus. 

Experts estimate the company will save $51 million by closing down in the United States. In turn, they also expect Kindred Group to double down on their European sports betting operations.

Meanwhile, Unibet Indiana customers are no doubt worried about what might happen to their funds now that they can’t access their account. Though most surely planned around their closing date, anyone who didn’t is now locked out of their account. Per Unibet’s official website, however, clients should expect to receive any remaining funds in the form of a mail-order check over the next month to six weeks.

What Other Online Sportsbooks are Available in Indiana?

Now that the Hoosier State is currently down one Indiana online sportsbook, residents might be wondering where else they can take their business. Fortunately for them, there remains a smattering of options. 

Not only have we reviewed the top USA online sportsbooks by payment methods for you to peruse, but the following companies are still up and running in the region:

  • DraftKings
  • FanDuel
  • BetRivers
  • Fanatics
  • BetMGM
  • ESPN Bet
  • Caesars Sportsbook
  • Betway
  • Bally Bet
  • SBK Sportsbook
  • Hard Rock Sportsbook
  • Bet365
  • Betr

Interestingly enough, the sheer breadth of alternatives speaks to how competitive the Indiana online sportsbook market has become. And it’s not just the Hoosier State. Nearly 30 states have now legalized online sports betting. Most of them are home to similar market-share battles among the bounty of sportsbooks they have licensed.

To be sure, this doesn’t include every state with legal mobile sports betting. Some have limited the number of licenses they give out. But many others have five, seven, 10 or more online sportsbooks in the USA operating in their market. And with this level of competition comes another complicated issue.

Are Online Sportsbooks in the United States Headed for Mass Consolidation?

Sports gambling consolidation is once again a topic du jour following Unibet’s Indiana online sportsbook closure. 

Experts have long wondered whether there might be a reckoning. FanDuel and DraftKings are at the center of it. While we don’t have any concrete figures, these two companies likely account for at least 75 percent of the United States sports betting handle between them. Regardless of the exact figure, their ubiquity across so many markets can make it difficult for other operators to succeed at a meaningful and sustainable level.

This is especially true for newer entrants into mobile sports betting. Companies like Caesars and BetMGM already have an established base among Indiana online sportsbook users. The same goes for the rest of their country. Their operations also include destination casinos in various USA locations. Although they may never catch FanDuel and/or DraftKings, they will usually retain enough of market shares to remain up and running.

But Unibet was new to the United States sports betting market. The same goes for other companies, such as Betr. Most notably, there is ESPN Bet. Their operator, Penn Entertainment, initially attempted to launch the sportsbook under Barstool Sports branding. It didn’t work out. They have since turned to ESPN’s name. 

It’s a smart play by Penn Entertainment. ESPN is synonymous with sports and known by anyone who counts themselves as a sports fan. But this branding partnership will inevitably be a case study in whether new mobile betting sites in the USA can enter a national landscape that, in so many ways, doesn’t seem to have much room left.

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Meet the author

Dan Favale

Dan Favale leverages over 12 years of sports journalism expertise in his role as New York staff writer. He provides in-depth analysis across the NBA, NFL, MLB, NHL, tennis, NASCAR, college basketball, and sports betting. Dan co-hosts the popular Hardwood Knocks NBA podc...

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