Indiana Becomes Fifth State to Clear $8Bn in Sports Betting Handle
Indiana has become the fifth state to clear $8 billion in the lifetime sports betting handle, according to the latest figures. The Hoosier State reached the milestone after a steady launch in September 2019, which took in $35 million in total bets.
Only New Jersey, Nevada, Illinois, and Pennsylvania have reached the $8 billion figure before.
According to the figures released Friday by Indiana Gaming Commission, the sportsbooks took in $308 million worth of wagers during May. The 14.3% month-over-month decrease from the Hoosier State’s $360 million April handle was expected as the US sports betting enters the summer slump – a phase marked by the low sporting events between April and August.
But the 21% increase in year-over-year handle represented a better picture of a constantly growing market in May. Since its launch, Indiana sports betting has constantly witnessed swelling handles, with May’s handle marking the ninth consecutive month of generating at least $300 million.
The Hoosier State has reported more than $2 billion in handle during the first five months of the year.
Revenue Increase in May
Despite a 14.3% dip in the handle, Indiana operators saw a 7% increase in revenue to almost $30.7 million due to an increased win rate of around 10%. It was just the fifth time in the 33 months of legal wagering operator revenue topped $30 million.
The state collected around $3 million in sports betting taxes in May.
The Hoosier State has generated $13.7 million from the industry, nearly $3.1 more than it generated during the same period last year.
In 2022, Indiana sports betting handle has gained 43.7% compared to a year before.
Basketball Remains Most Popular Among Hoosiers
Basketball has been the most popular sport among Hoosiers since last December, and the trend may continue until the NBA postseason concludes. Indiana sportsbooks took in $84 million worth of bets on basketball in May. According to the latest figure, basketball wagering accounted for nearly 27% of the total sports betting action in May.
Baseball was the second-most popular option among Hoosiers, who wagered $69 million on the sport. It is a huge number considering the Hoosiers don’t have an MLB team of their own. Football reported $2.3 million in the handle.
Parlay betting also helped lift Indiana sports betting numbers by posting $73 million of the handle. ‘Other’ category reported nearly $77.2 million in combined bets.
FanDuel Retained Indiana’s Crown in May
FanDuel, which dethroned its major rival DraftKings for Indiana mobile wagering recently, topped revenue and handle for the third straight month. The New York-based operator posted $91.6 million in May handle – its fourth-highest for any month in the state.
DraftKings’ $84.1 million handle was actually an improved performance as the Boston-based company narrowed the gap in the handle to $7.5 million last month compared to $14.5 million in April.
BetMGM was third in handle with $40.4 million wagered, while Caesars grabbed the fourth spot with $30.4 million in the handle.
BetRivers and Barstool Sportsbook were the only other major operators to post eight figures in the handle.
The overall win rate among online sportsbooks was 10.1% on a $284.9 million handle – the second-highest since launch.
Hollywood Casino in Lawrenceburg led Indiana retail betting, reporting a $7.7 million handle and $885,512 in revenue – the state’s best figures in both categories.
The Future of Indiana Sports Betting
Indiana sports betting has come a long way from a modest showing of a $35 million handle in its first month of legal wagering in September 2019.
The Hoosier State posted its best figures this January with more than a $500 million handle, improving its previous record of $463.7 million wagered in November 2021.
The numbers tell us another success story in the post-PASPA US sports betting age. However, Indiana is not likely to do miracles during the summer slump, and nobody expects new record-setting months until the next NFL season.
Yet, May’s $308 million represents a 21% increase from May 2021’s $254 million. It shows just how much the Indiana sports betting market has matured over the past year.