Though the summer slump pushed Indiana sports betting handle to below $200 million for the first time in almost a year, the state saw $3 billion since July 2020. The July handle also pushed Indiana sports betting’s lifetime handle past $4 billion.
According to the figures released Thursday by the Indiana Gaming Commission, the state’s sportsbooks reported $194.5 million in handle in July, representing a 21% decline from June’s $246 million handle.
The drop was expected and normal as we have been witnessing the shrinking handles each month since April. The dipping sports betting handles will continue until the NFL season returns in the fall.
More than 90% of the handle was wagered online, and DraftKings led the Indiana sports betting in July again.
Inevitably, the shrinking handle resulted in a decreasing adjusted gross sports betting revenue in July. The operator’s revenue for the month was $17.5 million, representing a 31.5% decrease from June’s $25.5 million. The hold for July was 8.9%.
Correspondingly, the state generated 31.5% less ($1.66 million) than what it had raised ($2.42 million) in a month prior.
While July treaded its traditional path as a non-eventful month in US sports betting, the casino industry in the Hoosier State reported gains meanwhile. The casino win last month was $229.8 million – a 12.1% month-over-month increase. Taxable AGR for gaming was $212.2 million – a 6.8% increase from June.
Why Indiana Sports Betting Sank Despite Baseball and Olympic Options?
Indiana is not the only state to show a bad sports betting month. It was a general condition across the US sports betting market. For instance, Iowa reported a 20% decrease in its handle to $88 million in July from more than $111 million wagered in June.
Though baseball season is at its peak, it barely attracts a huge number of bettors, most of whom are crazy about NFL betting.
We can’t say anything with certainty regarding Olympic betting as we don’t have independent numbers for the event. The gaming commission includes Olympic events into the section of the “Other” category in its report, meaning we can’t know the exact number wagered on the event.
The following were the most popular sports among bettors during July:
- Baseball: $63.5 million
- Basketball: $26.7 million
- Football: $2.2 million
- Parlay: $45.3 million
- Other $53.8 million
It was the first time during this year that basketball was no longer the top sport among Indiana bettors.
DraftKings, FanDuel Lead as Usual
DraftKings and FanDuel – the leading companies in the US sports betting – led Indiana sports betting in July, with Boston-based company topped the market.
DraftKings – through Ameristar Casino – had posted $60.2 million in handle, and $4.7 million in gross revenue.
FanDuel – which is licensed by Blue Chip Casino in the state – had reported $54.3 million in handle, and $5.3 million in gross receipts.
BetMGM – which disputes DraftKings’ claim as the second-largest operator in the US – saw $25.6 million in handle, and $2.2 million in gross revenue. BetMGM is licensed by Belterra Casino in Hoosier State.
Barstool and PointsBet reported $7.2 million and $7 million in handles, respectively. Both are licensed by the Hollywood Lawrenceburg Casino, which topped the retail handle with $5.9 million.
Indiana Betting Tops $4 Billion Lifetime Handle
July’s $194 million handle catapulted Indiana’s market to over $4 billion industry since sports betting launched in Sept. 2019. That’s translated to more than $300 million of the total revenue for sportsbook operators.
The first billion took a year until July 2020 to accomplish; the remaining three billion handle came during the second year.
It suggests the rapid pace with which Hoosier State has seen its sports betting market during the last 12 months. The Hoosiers would have reached this milestone months ago if there had been no pandemic-led restrictions.