Indiana sports betting recovered from a sluggish February, with a 15% jump to $316.7 million in handle in March. February brought dips in handle across the entire US market thanks to the month having fewer sporting events and being the shortest of the year. However, March saw the start of the NCAA men’s basketball tournament and added days that saw the handle soar. Yet, despite March Madness taking over the month, Indiana sports betting handle was unable to top its all-time record of $348.2 million posted in January thanks to the football.
According to the state report, Indiana sportsbook revenue was also up by 55% month-over-month, swelling to $26.4 million, just $3 million behind January’s record of $29.3 million. It was good for an 8.3% hold rate, while the Hoosier State drew $2.5 million in tax revenues from the sports betting industry in March, representing over an increase from February’s $1.6 million.
Basketball Boosts March Handle
In February, Indiana had posted $273.9 million in handle which ended its record-breaking streak month-on-month, a general phenomenon witnessed in US sports betting due to a short month and fewer sporting options. However, Indiana came back with a band, with the 15% increase this month predominantly thanks much to March Madness.
The NCCA March Madness men’s basketball tournament, which was entirely held in Indiana, posted a new basketball record for the Hoosier State with $160.7 million worth of bets placed on the sport in a single month. The previous highest handle for basketball in a month was January’s $133 million. While $160.7 million already accounted for more than half of the total Indiana sports betting handle, the actual number was higher than that after adding parlays’ handle of $77.5 million. In fact, the basketball handle could see further jump if more of Hoosier’s teams had made a tournament appearance. The only team from Indiana to participate in the tournament was Purdue.
Mobile Sportsbooks Dominate
Mobile sports betting continued to define betting markets like Indiana’s. According to the report, $286.8 million was wagered online in March, up 16.3% from February’s digital handle of $246.6 million. This accounted for 90% of all wagers for the month, and Boston-based DraftKings, through its partnership with Ameristar Casino, led the Indiana sports betting market. The market leader took $111.2 million in handle, accounting for 40% of the total online market, besides generating 34% of sportsbook revenue for the month.
Flutter-owned FanDuel was the second-largest operator of the Hoosier State, recording a handle of $91.2 million, or 33% of the digital handle share, and 26% of total revenue. BetMGM, MGM Resorts International’s digital arm, drew 15% of the total online share ($39.4 million) to claim the third spot in the race. PointsBet was the distant fourth with a 5% share, followed by BetRivers and Caesars-owned William Hill with nearly 3% each.
In the retail handle, Hollywood Lawrenceburg posted the biggest handle at $10.8 million, followed by Ameristar at $6.1 million.
April Expecting Similar Trends
April is likely to bring the path of continued growth for Indiana sports betting. Though the Hoosier State’s handle might not reach the March Madness level, the state’s market will show a steady pace.
Particularly, new operators would be adding to the market’s growth in months to come. WynnBET launched in Indiana on April 1, and Barstool Sportsbook plans to kickstart its operations by the end of April. With the possible inclusion of SBK Sportsbook, Indiana could see as many as 13 digital sportsbooks by early May. Then, baseball’s return could also fatten April numbers. While there are no guarantees, we can hope for better months ahead.