DraftKings, FanDuel Dominate Indiana Sports Betting Market Share In Record October

Indiana sportsbooks reported record handle in October, accepting $537.9 million in wagers. Sports betting handle grew by 11.2% from September ($483.8 million) and 25.2% from October 2023 ($429.7 million).

Online wagers accounted for 97.3% of October’s action, totaling $523.4 million. DraftKings and FanDuel accounted for 71.1% of the market share, each reporting a higher handle than the nine remaining Indiana sportsbooks combined.

However, Indiana sports betting revenue declined significantly as a result of a strong month from bettors. Adjusted gross revenue was $35.1 million (6.5% hold), a 36.5% drop from September ($55.3 million) and 24% worse than October 2023 ($54.6 million).

Two names dominate Indiana sports betting

As in most states where sports betting is legal, DraftKings and FanDuel hold the most significant market shares in the Hoosier State.

DraftKings Sportsbook maintained the top spot in October betting handle at $193.1 million, a 36.9% market share. FanDuel Sportsbook’s $179.2 million handle accounted for a 34.2% claim, leaving 30% for the rest of the competition.

FanDuel led the state in adjusted gross revenue, reporting $13.6 million. DraftKings’ monthly AGR was $11.1 million.

Six remaining sportsbooks had eight-figure handles in October. Four had seven-figure AGR totals.

• • BetMGM Sportsbook: $38 million handle; $2.9 million AGR
  • Fanatics Sportsbook: $26.8 million handle; $2.1 million AGR
  • Bet365 Sportsbook: $24.4 million handle; $1.9 million AGR
  • Caesars Sportsbook: $24.1 million handle; $1.5 million AGR
  • ESPN Bet: $15.1 million handle; $751K AGR 
  • Hard Rock Bet: $12.3 million handle; $281K AGR

Two more sportsbooks came close to matching Hard Rock Bet in monthly AGR despite posting significantly lower handles: BetRivers Sportsbook ($7.6 million handle; $266K AGR) and Bally Bet Sportsbook ($2.6 million handle; $247K AGR). 

SBK Sportsbook handled just $283K in October and reported $2,479 in AGR.

Parlays most popular among Hoosiers

Indiana sportsbooks accepted more money via parlays than in wagers on any single sport. Parlay action totaled $184.1 million for the month, more than one-third of every dollar wagered.

Football led all individual sports with $171.2 million in wagers. Football wagers and parlays combined for over $355 million.

Basketball wagers totaled $61.6 million, and baseball had another $34.4 million. The Indiana Gaming Commission’s report did not break down other sports, which made up the remaining $86.4 million.

Bally’s Evansville leads retail Indiana sports betting action

Despite Bally Bet having one of the lowest handles in the state, Bally’s Evansville led all Indiana retail sportsbooks in October handle and revenue. In fact, Bally’s retail revenue outperformed its online figure.

Furthermore, Bally’s Evansville accounted for 76.3% of all retail sports betting revenue, the result of five sportsbooks posting losses for the month.

Five sportsbooks posted monthly handles above $1 million:

• Bally’s Evansville: $2.6 million handle; $371K AGR
• Hard Rock Casino Northern Indiana: $1.9 million handle; -$4K AGR
• Horseshoe Hammond: $1.5 million handle; $27K AGR
• Ameristar Casino: $1.2 million handle; $35K AGR
• Hollywood Casino Lawrenceburg: $1.2 million handle; $70K AGR

The remaining seven were below $1 million in monthly handle:

• Harrah’s Hoosier Park: $824K handle; -$4K AGR
• Caesars Southern Indiana: $748K handle; -$13K AGR
• Horseshoe Indianapolis: $733K handle; $68K AGR
• Blue Chip Casino: $576K handle; -$42K AGR
• French Lick Resort: $275K Handle; $15K AGR
• Belterra Casino: $260K handle; -$77K AGR
• Terre Haute Casino: $187K handle; $7K AGR

One of five months above $500 million

October’s record handle surpassed Indiana’s previous highs, which came in the final two months of 2023. It marked the fifth time in the state that monthly handle transcended $500 million and the fourth month above that mark in the last 12 months.

• October 2024: $537.9 million
• November 2023: $513.7 million
• December 2023: $503.1 million
• March 2024: $500.8 million
• January 2022: $500.1 million

The only other time Indiana sports betting handle broke $500 million was in January 2022. At that time, people across the border in Ohio did not have access to legal sports betting.

Historically, September through March produce the highest sports betting totals of the year. If Indiana continues at this pace, it could continue setting new highs.