Basketball Keeps Indiana Sports Betting Afloat in June With $246M Handle
Indiana sports betting kept afloat amid the peak of the summer slump as it reported $246 million in June handle, down 3.2% from May’s $254.4 million. Basketball betting and the addition of two operators – Barstool Sportsbook and Betway – kept the market somewhat stable during sleepy months in US sports betting.
The Hoosier State started sports betting in September 2019 and posted its highest-ever sports betting handle in January when the sportsbooks’ took in $348.2 million.
Mobile betting accounted for more than 90% of the total sports betting action in June.
Revenue Increased in June
Despite the lower handle, Indiana sportsbooks could be able to extract more revenue for the month of June. Last month’s adjusted gross revenue (AGR) – or taxable sports betting revenue – was $25.5 million, up 35% from May’s $18.9 million. The higher AGR led the state to generate increased sports betting tax of $2.4 million, which was also up 35% from May.
According to the monthly figures released Monday by the Indiana Gaming Commission, the June handle pushed the lifetime revenue for Indiana sportsbooks over the $300 million mark.
Online Sports Betting Clear Winner
Despite having nine casinos and two racinos with retail sports betting facilities, online sports betting in Indiana clearly dominated as it did in May. According to the official report, the mobile sports betting handle in June was $224 million. Though it was slightly less than May’s $234 million, June’s mobile betting accounted for 91% of the overall sports bets placed during the month.
Meanwhile, the Indiana casino industry won $205 million for June, representing a 15% decline from May’s $241.4 million.
Operators By Numbers
DraftKings – which partners with Ameristar Casino – saw the largest handle for any sportsbook in the Hoosier State in June. The Boston-based operator reported $83.9 million in total bets last month.
The rival FanDuel – which serves as a Blue Chip Casino skin – posted the second-highest handle of $65.1 million. Despite the lower handle, FanDuel posted a larger AGR of $9.2 million compared to DraftKing’s $5.9 million.
DraftKings piled up its gain at the expense of FanDuel in June as the difference between the two leading giants was not more than $2.5 million in May, with DraftKings leading slightly at $81.8 million.
BetMGM reported a handle of $29 million for the second straight month, had a taxable AGR of $3.3 million.
Barstool Factor in Indiana
While DraftKings and FanDuel remain the top two – like in most other legal sports betting states – Barstool’s partnered casino came in at third in Indiana sports betting last month. Hollywood Lawrenceburg – which has PointsBet as its other digital partner – took in $34.1 million in June.
Barstool Sportsbook launched in the Hoosier State in May amid the NBA playoffs and the Indianapolis 500. June was the first full month of operation for the digital media company, which reported more than $10.4 million in handle throughout the month, making it the sixth-most wagered on operator in the state.
Barstool, which went live May 18, had reported a $6.3 million handle during its launch month. Though Barstool’s handle resulted in only $33,000 worth of gross receipts, the Penn National Gaming’s subsidiary clearly outperformed Betway, which also had its first full month of operation last month and posted only $55,000 in the monthly handle.
Basketball Most Popular Again
Basketball continues to be the most favorite sport among Hoosiers, who wagered more than $77 million on the game last month.
Baseball took in $60.4 million, the second-highest handle for the month, while football posted just $1.5 million in June handle.
Parley bets accounted for $58.8 million, while the ‘Other’ category took in $52 million worth of bets for Indiana sports betting in June.
Basketball has been leading the Indiana sports betting scene throughout this year except for the NFL season. The sport continues to lead the trend through July as the NBA Finals are currently taking place.