Indiana Posts $47.7 Million in Sports Betting Revenue, Shatters Previous Record
Contents
With each passing month, we are seeing record-breaking sports betting volume across the country. Indiana was the latest state to turn in a historic November of sports betting, with its $463.7 million in bets placed the new all-time high in the state. Indiana narrowly beat out $461.1 million in October handle, an impressive feat considering that October had five Sundays (leading to additional NFL wagering) while November only had four. Indiana first launched sports betting in September 2019, and it has shown no signs of slowing down as it has surpassed $5.5 billion in all-time sports betting handle, making it just the fifth state to accomplish that feat.
Indiana Shatters Revenue Records
While Indiana barely beat its previous high in overall sports betting volume, it destroyed the prior record for sports betting revenue with $47.7 million in gross revenue on an impressive 10.3% hold, higher than its all-time average of 8.3%. The previous record for revenue in the state was $33.9 million in September 2021, and November checked in over 40% higher than that. In October 2021, Indiana saw $27.7 million in revenue, and November beat that mark by over 72%. The record high in revenue translated to $4.5 million in taxes, a record for the state and a 40% increase from the previous high of $3.2 million in taxes in September.
Online Dominates, but Retail Holds Strong
While online sports betting accounted for $422.9 million in total wagers, 91.2% of the overall handle, retail sportsbooks did decently well. Indiana saw a total of $40.8 million in bets at retail sportsbooks in November, led by Hollywood Lawrenceburg with $12.7 million in wagers, making it one of the most successful retail sportsbooks in the country. Ameristar East Chicago followed behind with $6.3 million in bets, and the only other retail casino with over $5 million in handle was Indiana Grand with $5.1 million.
Top Sportsbooks in Indiana
DraftKings continues to dominate in market share in Indiana with an impressive $166.2 million in wagers in November, representing 39.3% of the online market. FanDuel was in second with $109.8 million, representing 26.0% of the market, but it had a phenomenal 14.2% hold, by far the best in the state. BetMGM ($46.3 million) and Caesars ($43.9 million) continue their dead heat for third place in the state, although neither is close to the market share of DraftKings and FanDuel. Barstool, BetRivers, and PointsBet are the only three other sportsbooks in the state with a handle of $10 million. Bally Bet, which recently became the 13th approved online sportsbook in the state, will hope to join them.
What Sports Saw the Most Action?
As was the case in just about every state, the NFL led the sports betting market with $136.3 million in total wagers, representing 29.4% of the total monthly handle. However, Indiana is unique in that basketball was not far behind as it saw $132.1 million in wagers, 28.5% of the monthly handle. The Hoosier State is arguably the basketball capital of the country, and with Purdue holding the #1 ranking in the country in college basketball recently, there is plenty of hoops betting intrigue in the state. Parlays followed NFL and basketball betting with $120 million in wagers, and it’s assumed that the state saw a large chunk of its profit from parlay betting. All other sports represented $69.1 million in total bets.
