Indiana Sports Betting Posts Basketball-boosted $316.7M in March

Spread the Word:

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 a 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.

Related News

Indiana city skyline
June 16, 2021

Indiana Sports Betting Posts $254M in May Handle, Up 7.6%

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 […]

read more
Indiana city skyline
August 24, 2021

Indiana Regulators Approve Caesars Southern Indiana $250M Sale

The Indiana Gaming Commission has approved the $250 million sale of Caesars Southern Indiana casino to North Carolina-based EBCI Holdings. The decision was taken at the commission’s public business meeting […]

read more
Indianaopolis
February 15, 2021

Indiana Welcomes January With Record Sports Betting Handle of $348M

While building on its sports betting records for the fifth straight month, Indiana posted a handle of more than $348 million in January. According to state figures released Friday by […]

read more
April 8, 2022

Indiana Online Casinos

Playing at online casinos in Indiana is illegal and there are no regulated sites in the state. However, a few steps were taken towards legalizing the industry in 2020 by […]

read more
January 20, 2020

Indiana Charitable Gaming Laws

Indiana CHARITY GAMING IC 4-32.2-1 Chapter 1. General Provisions IC 4-32.2-1-1 Application of article Sec. 1. (a) This article applies only to a qualified organization.(b) This article applies only to […]

read more
Indianaopolis
July 15, 2021

Basketball Keeps Indiana Sports Betting Afloat in June With $246M Handle

Indiana sports betting kept afloat amid the peak of the summer slump as it reported $246 million in June handle, down 3.2% from May’s $254.4 million. Basketball betting and the […]

read more
Indiana city skyline
May 17, 2021

Indiana Sports Betting Tops $1bn in First Four Months of 2021

Indiana sports betting has topped the $1 billion mark in the first four months of this year despite a 25% decline in April’s handle. The Hoosier State saw a huge […]

read more
April 8, 2022

Indiana Online Sports Betting

Online sports betting is now live in Indiana, with state-wide mobile betting launching in October 2019, meaning there are plenty of opportunities to bet on your favorite sports online. Today, […]

read more
Indiana Hoosiers helmets
March 15, 2021

Indiana Sports Betting Streak Ends as February’s Handle Dips 21%

February has ended Indiana sports betting’s five-month streak of record-setting handles, nosediving 21.4% to $273.9 million for the month. The Hoosier State saw the biggest month in January, which brought […]

read more
Indiana
January 16, 2021

Indiana Becomes Fifth State to Ever Cross $300M Monthly Handle in December

Indiana has become the fifth US state to ever cross $300 million in monthly sports betting handle with its record-breaking handle in December. The Hoosier State also concluded 2020 with […]

read more
Barstool retail sportsbook
May 23, 2021

Barstool Sportsbook Launches in Indiana Online Sports Betting Market

Barstool Sportsbook launched its online sports betting app Tuesday in the Indiana sports betting market, ahead of the NBA playoffs and the Indianapolis 500. Penn National Gaming had announced the […]

read more
Hard Rock Casino Gary
August 17, 2021

Indiana Sees $3bn in Sports Betting Handle in Last 12 Months

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 […]

read more

Stay Updated & Receive Exclusive Offers

Be the first to know when new states legalize online gambling and gain access to exclusive casino and sports betting promotional offers.