Indiana Sports Betting Continues to Soar

By Betmaker Team

Indiana licensed sportsbooks generated more than $45.2 million in adjusted gross sports wagering revenue in October, according to a report released by the Indiana Gaming Commission on Monday. The Indiana sports betting win percentage exceeded 10% for the third time in the previous four months; August's 9.9% percent was the only anomaly. The last six months have produced four of the state's 13 all-time double-digit holds in 50 months of gambling, and the hold in October ranks sixth highest.


In October, revenue exceeded the industry norm hold by almost 50%; nevertheless, year-over-year revenue decreased by 3.6% as the $429.7 million handling was 3.7% less than in October 2022. Although October income for this year was down more than $900,000 due to changes made in the operators' favor, it still ranked fourth all-time.


The October Hoosier State handle was just sufficient to place the state in the top 10 all-time, taking the place of the $427.2 million in wagers that were accepted in January. The state's tax revenue for the month came in little under $4.3 million, bringing the total for the year to $30.9 million.


Although revenue is up 6% to $322.7 million, the $3.3 billion handling for the first ten months of the year is 7.3 percent less than in 2022. This is because, at this point in the betting season, the 9.7 percent hold is 1.2 percentage points greater than it was a year ago.


Few states have as fierce a competition between FanDuel and DraftKings for monthly handle awards as Indiana, where the two leading mobile betting software companies have cleared $1 billion in handle for the past two years. FanDuel's hold on the top revenue place has remained tight for 20 months, despite the fact that it has finished second in handle for the past five months. This is mostly because of its hegemony in the parlay market, which has helped FanDuel record a hold of at least 11% for the previous 16 months. In October, FanDuel's handle reached a record $146.4 million. Its win rate of 12.3 percent yielded $18.1 million in income, placing it third in its history in Indiana.


For the second straight month, DraftKings broke the state record for handling, topping $170 million. The 10.3 percent hold resulted in the company's highest revenue month in Indiana, totaling $17.5 million. DraftKings exceeded its 2022 full-year total of $100.6 million by over $2.4 million, surpassing September's brief record revenue of $104.4 million.


With wagers totaling $35.9 million, BetMGM generated over $3.7 million in income, placing them in third place overall in terms of both handle and revenue. But compared to the same period in 2022, its $297.7 million handling during the first ten months of 2023 is down 28.1 percent. Although some of the decline has been mitigated by BetMGM's 10.7 percent hold this year, revenue is down 21.3 percent from last year.


There has been a more noticeable decline in PENN Entertainment's mobile Barstool Sportsbook, which is set to relaunch as ESPN BET on Tuesday. For the second time this year, Penn State's sportsbook trailed PointsBet in handle; the two had Hollywood Lawrenceburg as their retail tether. Both reached $7.7 million, with the now-owned mobile book by Fanatics surpassing PENN by around $213,000 in earnings after reporting winnings of almost $760,000.


In comparison to the first ten months of 2022, handle for PENN's sportsbook activities is down 33.9 percent to $80.3 million, while income is down 49.6 percent to around $4.6 million. In contrast, PointsBet has generated $5.7 million in income from $63.8 million in wagers made so far this year, translating into a 9 percent win rate.