Indiana Posts Record Numbers in Sports Betting in October

The fall months have brought great success for the sports betting industry across the United States. Indiana had a historic October as it became the fifth state in the country with a month of $450 million or more in sports betting handle and the fifth to surpass $5 billion in handle over the life of its sports betting market. As operators continue to be added and existing platforms grow and expand, the Indiana market is expected to evolve into one of the most significant in the country.

Impressive Handle Results

In October, Indiana burst past the previous state record with over $461.1 million in handle, up 29.7% from $355.4 million in September and up 99.7% year-over-year from $230.9 million in October 2020. Bettors placed $14.9 million in bets per day in October, up from $11.8 million per day in September and $7.4 million per day in October 2020. That successful October brought Indiana over $5 billion in lifetime wagers and over $400 million in lifetime gross revenue, joining New Jersey, Nevada, Pennsylvania, and Illinois as the only states to accomplish that feat.

While the overall volume results were robust, gross revenue decreased by 16.4%, from $33.3 million in September to $27.8 million in October. That penciled out as a 6.1% hold rate, the lowest in the state since February 2021 and down from 9.5% in September. $33.3 million had been the previous record for revenue in the state, and the first time Indiana had gone over $30 million in revenue. Year-over-year revenue was up 10.9% in October from $25.1 million in October 2020. Indiana paid $2.6 million in taxes in October, down from $3.2 million in September.

As expected, football was the most popular sport to wager on in Indiana as we’re in the heat of the NFL and college football seasons. Football wagering jumped to $175.8 million in October, up 18.4% from $148.6 million in September. Basketball also saw a significant increase as it shot up from $5.2 million in September to $53.5 million in October as the NBA season began. Parlay betting rose from $90 million in September to $127.6 million in October, an increase of 41.7%.

Online vs Retail Wagering

Online wagering far outproduced retail wagering in October as online sportsbooks accounted for $411.9 million in handle, 89.3% of the total handle for the month. DraftKings led all online operators with $150.7 million in handle, up from $130.4 million in September. DraftKings generated $7.8 million in gross receipts, up from $7.2 million in September. FanDuel led the state with $9.2 million in gross receipts but fell behind DraftKings with $113.3 million in online wagers, still up from $77.2 million in September.

While online wagering is the most popular form of sports betting in Indiana, retail sportsbooks were still successful with $49.2 million in handle in October, up 39.9% from $35.3 million in September. Hollywood Lawrenceburg was the most successful retail sportsbook by far with $15.6 million in wagers, up from $11.5 million in September. Ameristar East Chicago trailed behind in second place with a $6.8 million handle.

What’s Next for Indiana?

The success Indiana has seen in sports betting is even more impressive when you consider that the market “still hasn’t fully matured,” according to Jake Garza, an analyst for PlayIndiana.com. Even as other Midwest states have legalized sports betting, presumably taking away customers from Indiana, the state has continued to grow in market size. Bally Bet, Fubo, and SBK Sportsbooks plan to launch in Indiana before the end of the year, which would bring the state to 15 licenses. According to Garza, the fact that new operators are targeting Indiana is “evidence that there is still significant upside in the state.”