Indiana Revenue Drops in Sports Betting for February After Previous New Monthly Record

In a recent report by the Indiana Gaming Commission, the state’s sports betting scene saw substantial growth in February, with adjusted sports betting revenue reaching nearly $38 million. 

This surge in revenue represented a significant 37.2% increase compared to February 2023, reflecting the continued expansion and success of the sports betting industry in the Hoosier State. However, despite the impressive growth, the revenue figure marked a 29% decline from January’s record-breaking total of $53.5 million.

Handle, the total amount of money wagered, also experienced a notable uptick, totaling $408.7 million. This marked a 14.7% increase compared to the previous year, as Indiana achieved a record six consecutive months of $400 million-plus in accepted wagers. The state’s robust performance in handle was further underscored by this milestone, a feat first accomplished in the six months spanning October 2021 through March 2022.

The statewide hold, or the percentage of wagers retained by sportsbooks as revenue, stood at 9.3%, slightly affected by retail sports betting. Brick-and-mortar sportsbooks reported a 3.4% win rate against a $10.7 million handle for February, with five venues recording losses. Meanwhile, wagering via Indiana sports betting apps totaled $398 million, with the 13 mobile books collectively maintaining a 9.4% hold.

Sports Betting Revenue Nearly Doubles Year-On-Year

Tax contributions from sports betting activities in Indiana amounted to $3.6 million in February, bringing the total for the first two months of the year to $8.7 million. Gross revenue showed a 42.6% increase compared to the same period in 2023, supported by a 10.3% hold on a handle of $889.2 million thus far.

FanDuel and DraftKings maintained their dominance in Indiana’s sports betting market. The former, in partnership with Blue Chip Casino, reclaimed the top spot in sports betting revenue generation, bringing in $13.8 million. DraftKings and Ameristar Casino followed closely with $13.6 million in revenue. 

Despite stiff competition, both platforms continued to attract significant handle, with DraftKings leading in total handle for the ninth consecutive month. With their consistent performance and strong market presence, FanDuel and DraftKings remain key players shaping Indiana’s sports betting landscape.

Bet365, made a significant impact in its first full month of operations in Indiana. The England-based operator secured fourth place in revenue, generating $2.8 million with a remarkable 13.4% win rate. Bet365’s performance in handle, totaling $21.1 million, is behind ESPN BET by only $478,000.

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ESPN Bet Gets Closer To Stabilization

ESPN BET, while experiencing a decline in handle compared to January, maintained a steady performance with a $21.6 million wager total and a 5.2% hold. DraftKings retained its position as the market leader in handle for the ninth consecutive month, reporting $152.3 million in February, closely followed by FanDuel with $13.7 million in revenue.

However, retail sportsbooks faced challenges in February, with a significant decrease in handle and revenue compared to the previous year. The $10.7 million handle represented a 53% decline year-over-year, marking the lightest wagering action since July. Notably, Horseshoe Hammond and Hard Rock were the venues that experienced losses due to solid bettor performance.

Despite these challenges, the sports betting landscape in Indiana continues to evolve, with mobile operators like bet365 making a strong entrance and contributing to the state’s growing sports betting industry. As the market expands and adapts to changing dynamics, stakeholders will continue to navigate challenges while capitalizing on opportunities for growth and innovation.

A notable development in Indiana’s sports betting landscape was the entrance of Fanatics Betting and Gaming (FBG) into the market. Taking over from PointsBet, FBG launched its online sportsbook at the end of February, offering a seamless transition for existing PointsBet customers. 

FBG’s entry into Indiana follows its acquisition of PointsBet US in August 2023. The brand has been gradually rolling out its sports betting platform across various states in the US, with Indiana being its latest addition. Additionally, FBG has expanded its presence to New York, increasing its total state count to 15.

With the addition of FBG and continued growth in handle and revenue, Indiana’s sports betting market remains dynamic and competitive. As the industry evolves, stakeholders anticipate further developments and innovations that will shape the future of sports betting in the Hoosier State.

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