Bettors Slap Barstool Around In June, As Book Nearly Loses Money, Holding Just 0.3% Of Bets

0

It was a rough month for the Barstool online/mobile sportsbook in the state of Indiana.

The book, which launched on May 18, handled $10,402,399 and reported gross receipts of just $33,167 during June, according to figures from the Indiana Gaming Commission. That was a hold of just 0.3%.

Barstool handled $6,324,270 in about half of May, winning $267,512 for a hold of 4.2%.

Barstool is offering first-time depositors a basically industry-standard rebate in the form of site credit up to $1,000 on a customer’s first wager (if it loses). Like with rivals, the offer is a one-time deal nationally. For example, a Hoosier can’t get the offer in neighboring Michigan if they used it in Indiana. The online sportsbook also has been offering smaller promotions, such as a $10 sign-up bonus. The $33,000 in winnings shouldn’t be seen as a sign of concern for the sportsbook, as it is trying to quickly gain market share in a state with an online sportsbook market that is nearly two years old.

Indiana was Barstool’s fourth state, following launches in Pennsylvania, Michigan, and Illinois.

$246.3 million in June handle

According to the IGC, the market overall saw $246,321,671 in wagers, with online books handling $217,372,747, or 88.2% of the total. Those figures were nearly flat from May, when overall handle was $254,445,226 and online/mobile handle was $220,189,264.

Total taxable revenue off the $246.3 million in handle was $25,464,800 (up from $18,853,192 in May).

Below is a breakdown by online sportsbook:

SportsbookHandleRevenue
DraftKings$75,622,034$6,190,833
FanDuel$64,222,392$9,067,049
BetMGM$29,221,885$3,241,589
PointsBet$14,647,119$885,812
William Hill$11,117,901 $3,009,429
Barstool$10,402,399$33,167
BetRivers$6,927,250$600,924
theScore$3,800,952$41,678
WynnBET$794,481$81,738
TwinSpires$561,116$80,162
BetWay$55,218($25)
Total$217,372,747$23,232,356

$60 billion in handle since PASPA fell

Prior to the IGC’s release of June’s numbers, the state-sanctioned sports betting industry in the U.S. had taken $59,895,116,343 in bets since May 2018, per figures from Sports Handle. So, Indiana’s June handle puts the industry over $60 billion. It’s an arbitrary milestone, but it’s a nice round number!

The U.S. Supreme Court ruled in May 2018 that states have a right to legalize and regulate sportsbooks.

More than $4.1 billion in operator revenue has been generated off that handle, with the $4 billion mark falling in May. More than $600 million in state tax revenue has been paid.

Indiana also cleared $3 billion in total mobile handle with June’s numbers.

Get Indiana Sports Betting Updates

Subscribe to get the latest Indiana sports betting news to your inbox.

Thank you for subscribing.

Something went wrong.

Brian served as a senior reporter and online content manager for Card Player Magazine for nearly a decade before joining USBets in October 2018. He is currently focused on legal and regulated sports betting and online gaming. He's an avid jiu-jitsu practitioner in his free time.

Comments are closed.