Indiana sports betting has emerged from April slumber, witnessing a 7.6% increase to $254.4 million in May handle, compared to $236.4 million a month prior.
The modest growth was thanks to a few significant sporting events, including the NBA Playoffs and the Indianapolis 500. The addition of a few more sportsbooks in May also contributed to the growth.
According to numbers released Friday by the Indiana Gaming Commission, online sports betting accounted for nearly 92% ($234 million) of the total handle in May.
The Hoosier State has nine casinos and two racinos that provide sports betting.
Indiana sports betting had reported $348.2 million in January handle, its highest monthly handle since the industry’s launch in Sept. 2019.
While Indiana sports betting activity increased during last month, revenue did not see a proportional growth. In May, taxable adjusted gross revenue (AGR) decline for the Indiana sportsbooks. It was $18.9 million, down 6.1% from April’s AGR of $20.1 million.
The declining taxable AGR inevitably shrank the state’s share in tax to $1.79 million in May, dipping 6.1% from April’s $1.91 million.
Basketball Attracted Most Bets
Basketball was the most favorite sport among Indiana bettors, who wagered $82 million on the game throughout May. NBA Playoffs were a major reason that swelled basketball handle for the month.
Baseball was the second-most wager-on sport, attracting $50.5 million worth of bets.
Parlay reported $62 million worth of bets, while Other drew $51.5 million for the month.
Football saw $1.4 million in handle in May.
DraftKings and FanDuel Neck and Neck
DraftKings and FanDuel are neck and neck in Indiana sports betting, with the Boston-based DraftKings leading in overall handle this year, while New York-based FanDuel racking up more revenue.
Hoosiers have wagered more than $500 million with DraftKings during the first five months of this year, while FanDuel has attracted nearly $400 million in handle during the same time.
But FanDuel’s $25 million of revenue between January and May is $4 million more than what DraftKings reported during the same period.
Was May Any Different?
No. May reflected the same trend that was witnessed during the first four months. DraftKings – partnered with Ameristar Casino – reported the largest handle, $81.8 million, and gross receipts of $2.94 million.
FanDuel appeared to chase its biggest rival and reported $79.3 million in handle, with gross receipts of $7.63 million.
BetMGM – the third-largest player in the US online sports betting – reported a handle of $29.34 million and gross receipts of $2.52 million.
Another significant change in Indiana sports betting was the entry of Barstool Sportsbook on May 18. The sportsbook was available for barely two weeks, and it still managed to amass a $6.3 million handle, become the seventh-largest betting app in the Hoosier State.
If the Barstool Sportsbook repeats the same trend in June, it will become the fourth-most popular sportsbook in Indiana after DraftKings, FanDuel, and BetMGM.
Australia-based PointsBet reported $11.3 million in handle, and $1 million in gross receipts.
How Indiana Market Will Fare in Coming Months?
Slow months are coming ahead. Since the NFL season and March Madness has gone, the lack of sports betting options has resulted in shrinking handles.
Indiana has suffered an almost 20% decrease since March’s $316 million, and though the summer will continue to show the same trend, the Hoosier State might enjoy some exception, thanks to the Indy 500. The annual automobile race is unique to Indiana, and the state’s sports betting market extracts extra benefits and traffic, thanks to the event.
In addition, the entrance of Barstool and Betway also has increased options for Indiana bettors to choose from among a dozen online sportsbooks in the state. Betway launched more recently on May 28.