Indiana’s sports betting market got even more competitive last month with the highly anticipated online launch of Barstool Sportsbook on May 18.
According to figures from the Indiana Gaming Commission, the sportsbook handled more than $6.3 million in about half a month, good for the seventh spot on the handle leaderboard. DraftKings and FanDuel both had about $80 million in handle in May, followed by BetMGM with nearly $30 million.
Based on the half-month performance, Barstool should be No. 4 or No. 5 in the market when June’s figures are released. Barstool’s online sports gambling product comes from Penn National Gaming, owner of multiple casino properties in the Hoosier State.
Barstool is licensed under PNG’s Hollywood Casino Lawrenceburg.
Here’s a look at the full handle rankings from May:
- DraftKings: $81,844,352
- FanDuel: $79,295,853
- BetMGM: $29,340,510
- PointsBet: $11,308,633
- William Hill: $8,238,867
- BetRivers: $6,825,909
- Barstool: $6,324,270
- theScore: $2,947,710
- Unibet: $1,311,791
- TwinSpires: $504,680
- WynnBET: $485,306
- BetWay: $250
The industry’s overall Indiana handle last month was $254.4 million, bringing the total amount bet in the state since sports betting began in the fall of 2019 to $3.63 billion, according to state figures.
Revenue from bettors
The industry reported more than $18.8 million in adjusted winnings last month, for a hold of 7.4%.
The hold was off slightly from the roughly 8% average hold since sports betting began in Indiana.
The winnings for the books from inception through May 2021 are $291.5 million, according to the IGC.
Here’s a look at the full revenue rankings from May:
- FanDuel: $7,636,128
- DraftKings: $2,944,532
- BetMGM: $2,520,088
- PointsBet: $1,008,730
- BetRivers: $438,229
- Barstool: $267,512
- William Hill: $173,885
- theScore: $125,729
- Unibet: $83,089
- WynnBET: $56,074
- TwinSpires: $53,878
- BetWay: -$161
DraftKings slightly edged out FanDuel in the handle department, but in terms of winnings the latter had a much stronger month than the former. That said, it was an unusually good month for FanDuel versus its customers, as the sportsbook held on to nearly 10% of its handle.
Barstool had 4.2% hold in about two weeks in May, well below the industry average for the month.
Mobile vs. retail
Online isn’t the only way to bet on sports in Indiana, but it’s by far the most popular route. The online books handled $228,428,131 of the total, or 89.8%. That’s the highest percentage for online since the summer of 2020 when the COVID-19 pandemic had shuttered casinos or greatly reduced capacity limits.
Indiana still lags behind the states of Pennsylvania and New Jersey when it comes to online vs. retail handle share, but the gap is slowly closing as Indiana’s market matures.
Online was a lifeline for Indiana casinos in the middle of 2020, when at one point the only form of casino gambling available was sports wagering. Every casino in the country was closed during the height of COVID-19 last year.
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