Indiana Sports Betting Loses $400M Handle Streak in April

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Indiana sports bettors wagered nearly $360 million in April, breaking a six-month streak of $400 million in monthly handles.

According to the monthly report released Thursday by the Indiana Gaming Commission, the Hoosier State’s April handle of $360 million was also a free fall from March’s $476 million. Yet, it was a huge gain year-over-year as Hoosiers wagered around $236 million on sports in April 2021.

The 52% increase YOY is a better indicator of a flourishing market than the MOM comparison. The shrinking handles were both normal and expected following the madness-filled March, which has NCAA Tournament – the biggest sporting event in the US in a calendar year.

US sports betting traditionally enters into a hibernating phase – also called the summer slump – between the months of March and September.

Things might return to normalcy until the NFL returns for a regular season in September.

Still, April Was Not That Bad for Indiana

However, Indiana sports betting fared well amid the first month of the summer slump. Despite a significant reduction in sports betting volume, the state’s sportsbooks in April made more than $28 million in adjusted gross revenue from the total handle.

The state generated around $2.7 million in taxes.

Basketball did the heavy lifting as it remained the most popular sports betting option among Hoosiers during April. It was expected since the Final Four and the kick-off of the NBA Playoffs coincided last month.

Indiana bettors wagered $129.2 million on basketball in April, taking the Hoosier State’s basketball handle to $1.17 billion during the first months of this year.

Parlay attracted the second-highest handle with $91.3 million worth of betting last month, followed by baseball betting, which drew $56.7 million of handle.

Indiana bettors wagered around $76.5 million across various games, falling under the ‘Other’ category.

FanDuel, DraftKings Lead Indiana Sports Betting

FanDuel continued its reign over Indiana mobile sports betting, with $112 million in April handle. The archrival DraftKings followed with $97.4 million.

Both operators also led Indiana’s online sports betting in gross revenue for April, with FanDuel witnessing $12.6 million and DraftKings $6.6 million for the month.

BetMGM, with a handle of $45.3 million, reported the third-highest figure in the state last month. Caesars reported $36.1 million, the fourth-highest mobile sports betting handle.

Both Barstool Sportsbook ($11.9 million) and BetRivers ($11.3 million) vied for the fifth slot closely.

Hollywood Casino Lawrenceburg – Barstool and PointsBet’s retail partner – reported the highest monthly retail handle of the Hoosier State’s casinos, at $8.4 million.

What’s Next for Indiana Sports Betting?

2022 will be the first normal summer for Indiana since it launched sports betting in September 2019. The unusual circumstances clouded the Hoosier State’s new market in 2020, which was plagued by the pandemic. The nationwide closures allowed fewer options to Indiana bettors that year.

Though pandemic-led restrictions were lifted in 2021, the Tokyo Olympics did not allow analysts to gauge the Indiana sports betting market, which allowed more gambling options than they would have during any normal summer.

It’s the first normal summer for Indiana sports betting without any restrictions or overflowing gambling options. However, Indiana sports betting has emerged as a clear winner by reporting a 52% YOY increase.

New operators entering the market will only increase the betting options and, eventually, the monthly handles.

With several major rounds remaining in the NBA playoffs, basketball is likely to generate decent handles for the Hoosier State in the coming months. In addition, the MLB season is also expected to draw attention. Similarly, the NHL playoffs will also remain a popular wagering event.

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