The Indiana Gaming Commission reported all-time monthly records for both sports betting handle and revenue Tuesday as the Hoosier State looks to maintain its top-five national status in a rapidly escalating count in both categories for September.
The state’s gaming agency reported a handle of more than $355.4 million for September, eclipsing the previous mark of $348.2 million set in January. The figure was also 64.8% higher than August’s handle of $215.6 million and 71.3% better than the $207.5 million wagered in September 2020.
A healthy 9.53% overall win rate by sportsbooks — partially fueled by retail sportsbooks routing the public and posting a 17.37% hold — contributed to a record $33.9 million in taxable adjusted gaming revenue. That bettered the all-time mark of $29.3 million, also set in January. Revenue more than doubled compared to August and was 137.2% higher versus September of last year.
The state received more than $3.2 million in tax revenue, marking the first time tax receipts cleared $3 million in any month since the first wagers were accepted in September 2019. The state has collected nearly $19.5 million for the year, more than half the $36.6 million since launch.
Indiana’s handle has exceeded $2.4 billion for the first nine months of the year, with operator revenue just over $204.9 million. With next week’s start of the NBA season coupled with what looks to be a healthy rise in NFL wagering, odds appear slightly better than 50-50 that Indiana will become the fifth state to surpass $5 billion in all-time handle post-PASPA when the IGC releases its October numbers.
FanDuel, DraftKings set all-time mobile marks in Indiana
FanDuel became the first mobile operator in Indiana to reach eight figures for monthly revenue as it collected more than $10.6 million. Its 13.75% win rate was also the highest among the state’s 12 online operators, with four others — BetMGM (12.26%), WynnBET (11.96%), theScore (11.82%), and PointsBet (10.2%) — also posting double-digit holds.
It was the fifth straight month FanDuel took top revenue honors in Indiana as it cleared $100 million in all-time revenue in the state. Despite generating nearly $200 million less in handle this year compared to DraftKings, it has reaped $10 million more in revenue at nearly $63.2 million. In the last five months, the contrast has been even sharper, as FanDuel has generated $37.5 million in revenue versus DraftKings’ $25.5 million despite generating $95 million less in handle.
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While the IGC does not release parlay revenue figures, it appears likely parlays helped FanDuel achieve that eight-figure revenue benchmark. Nearly $92 million was wagered on parlays in September statewide, the highest monthly total this year.
Parlay handle ranked second among the five categories provided by the IGC. College and pro football wagering accounted for 42.3% of the completed handle with close to $148.6 million wagered, while baseball ($52.9 million) edged out the catch-all “other” category ($52.2 million) for third.
DraftKings did maintain its iron grip as the top mobile handle generator and also set a state record with nearly $130.4 million in accepted wagers. DraftKings is the only mobile operator to clear $100 million in handle in Indiana — September marked the fifth time it accomplished the feat — and September’s figure bettered the high-water mark of $122.6 million established in January.
BetMGM claimed the final podium spots in both categories, setting its all-time monthly high for Indiana revenue with more than $4.5 million from $37 million wagered. Caesars nearly doubled its handle from August to nearly $30.7 million in September, but its 2.35% hold — the lowest of all mobile operators — meant it placed sixth in revenue with $719,110.
Barstool Sportsbook again held off PointsBet to round out the top five for handle, setting its Hoosier State bests for handle ($16.1 million) and revenue ($1.5 million). The Australian-based sportsbook’s high win rate, though, did allow it to claim fifth among mobile operators for revenue with more than $1.1 million.
Among the second tier of mobile operators, WynnBET posted its first seven-figure monthly handle with more than $2.6 million in bets while collecting $313,478. TheScore had its best month in terms of revenue with $367,218, a dramatic turnaround after paying out nearly $29,000 more than the over $1.8 million in wagers accepted in August.
Retail books take bettors to the woodshed
There were no safe havens for bettors making wagers in person in Indiana as the “worst” win rate at any retail sportsbook was 11.66% at Blue Chip, contributing to $6.1 million in revenue from $35.3 million wagered. It marked the second time since launch every venue had a hold of 10% or higher, with the other coming last October.
The overall 17.37% retail win rate for September trails only the 23.53% in the first month of operation in September 2019, but it was also the seventh straight month the hold was 10% or better.
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Hollywood Casino in Lawrenceburg continues to be the state’s retail sports betting bellcow as it reaped nearly $2.3 million in revenue from $11.5 million in handle and posted a 19.82% hold. It was the only retail venue to reach seven figures for revenue and eight for handle, with Ameristar ($769,956) and Horseshoe Hammond ($513,892) claiming second and third, respectively, for revenue.
Hollywood, which gets action from Ohio and Kentucky bettors crossing state lines, generated a higher handle than the combined volume of Ameristar, Horseshoe, and Caesars Southern Indiana, which ranked second through fourth in handle among casinos.
The state’s two horse racing tracks and three Winner’s Circle locations kept pace, posting a 17.46% win rate as they totaled nearly $1.6 million in profit from just over $9 million in handle. The Winner’s Circle in Clarksville led in both categories, generating $615,953 from more than $3.1 million wagered.
