DraftKings Indiana Tops Handle, but FanDuel Wins Revenue in April

The fight between DraftKings and FanDuel to top market share in Indiana intensified in April in another strong month for both operators. While DraftKings narrowly collected more in sports betting handle, FanDuel picked up a higher win rate and subsequently more revenue in the state in April.

DraftKings managed to generate $144.1 million in sports betting handle in April but had $13.1 million in revenue on a win rate of a little over 9%. FanDuel had a significantly higher hold rate (12.3%) to generate $15.8 million in gross revenue on handle of $128.8 million. FanDuel has now collected more than $500 million in gross revenue since the start of legal sports betting in Indiana.

BetMGM has comfortably dominated the third spot in Indiana. In April, BetMGM generated $31 million in handle. With a hold rate of 11.6%, BetMGM picked up gross revenue of $3.6 million.

Strong Fight Among Middle-Tier Sportsbooks

While the top three operators have established themselves as powerhouses in Indiana, there is an intense fight for the rest of the market share in the state. At the top of the middle tier in Indiana lies Caesars Sportsbook. Operating under William Hill, Caesars collected $18.3 million in handle with gross revenue of $1.3 million.

Bet365 also continued its spirited fight among American sportsbooks with an impressive wagering collection of $16.4 million. With revenue of $1.4 million, bet365 had the fourth-highest revenue in the state in April.

ESPN BET was also able to throw its hat in the ring in this tier in April. The PENN Entertainment-owned company managed $15.3 million in handle with gross receipts of $1.3 million. Fanatics Sportsbook had another solid month, particularly with an impressive win rate of 11.6% to generate a little over $1 million in gross revenue on handle of $9 million.

Basketball Dominates Wagering in Indiana

Unsurprisingly, basketball comprised the majority of Indiana’s handle by sport. In April, bettors wagered $121.4 million on basketball as the NBA moved into another tight postseason. That tally took the year-to-date collection in Indiana in basketball to nearly $1 billion.

Parlays were next on the preferred choice for Indiana’s bettors as combination bets totaled $116.8 million in April. With the MLB having picked up steam, there was $67.6 million wagered on baseball in April. The Other category, which includes tennis, soccer, hockey, and other sports, found $84.8 million in bets in April.

Total Handle Nears $400 Million

Indiana had its worst month in 2024 in terms of betting handle, with wagering collections of just $393.9 million. That tally was more than $100 million less than March’s handle of $500.7 million in the Hoosier State.

The state’s betting operators – across both retail and online sportsbooks – managed to pick up $37 million in taxable gaming revenue. Without adjustments, total revenue totaled $39 million, which was still higher than both February ($37.6 million) and March ($37.9 million) as Indiana’s operators generated a hold rate of close to 10%. In terms of tax, Indiana collected $3.5 million in April, which was the lowest for the state in 2024.

However, when compared to April last year, Indiana has witnessed significant growth across all metrics. Betting handle was up more than $70 million from last April’s tally of $321.4 million. Gaming revenue was also up by close to $10 million and tax receipts increased from last year’s total of $2.8 million.

So far in 2024, Indiana’s total sports betting handle has crossed $1.75 billion, which is up more than 15% from last year’s cumulative tally from January to April. Every month in 2024 has had a significant year-on-year growth compared to last year. In 2023, Indiana generated $4.3 billion in handle. At a hold rate of 9.3%, the state’s operators collected more than $400 million, which lent almost $40 million to Indiana in tax receipts.

Almost all these metrics are expected to be comfortably surpassed in 2024 after a strong start to the year. With a larger sports betting appetite than ever before, Indiana’s sports betting operators are looking set to collect more revenue than all preceding years.

READ MORE:

• Indiana Sports Betting Handle Crosses $500 Million for Fourth Time
• Indiana Revenue Drops in Sports Betting for February After Previous New Monthly Record
• Fanatics Sportsbook Goes Live in New York and Indiana