Nothing But Net for the Hoosier State Sportsbooks

Indiana became the sixth state in the post-PASPA era to surpass $10 billion in all-time sports wagering handle with the Indiana Gaming Commission’s report on Monday that more than $452.3 million wagers were accepted in November. The Hoosier State joined New Jersey, Nevada, Pennsylvania, Illinois, and New York in that select group. Indiana reached the milestone in 39 months of wagering, having launched in September 2019. It became the eighth state to clear a $4 billion handle in 2022. November’s handle ranked sixth all-time in state history, 1.4% higher than October’s $446.2 million but 2.5% lower than the $463.7 million reported in November 2021.

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Operators narrowly missed a third consecutive month of $40 million in revenue, falling nearly $30,000 short while posting an 8.8% hold. While November’s gain ranked fourth all-time, it was a notable falloff from last month’s $46.9 million and the then-record $47.7 million of November 2021, as the sportsbooks’ win rate for both of those months was north of 10%. The state received nearly $3.8 million in tax receipts last month, sending the 2022 total over $32.7 million. That is almost $6.1 million ahead of last year’s pace, with revenue up 22.9% compared to 2021. The handle is nearly 20% higher compared to the previous year.

BetRivers continued a resurgence among bettors, topping a $13 million handle for the first time since March. It also cleared $800,000 in revenue for the second time in three months despite a 6.2% hold that was barely above its overall 2022 win rate of just over 6%.

For the third straight month, FanDuel bettered its own Indiana record for monthly revenue, reaching more than $18.3 million thanks to a 13% win rate on nearly $141 million wagered. It is the fifth straight month FanDuel has posted a hold of at least 11.7%, racking up close to $68.5 million in revenue in that span.

DraftKings again took honors for the handle at $143.8, but its 6.7% win rate was barely more than half that of FanDuel, resulting in nearly $9.6 million in revenue. It was the first time since August that DraftKings failed to reach $10 million in revenue. Despite DraftKings having $53.8 million more handle than its eternal rival this year, FanDuel has amassed $35.6 million more in revenue.

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