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 shrink in its sports betting handle a month after holding the NCCAA Men’s Basketball Tournament exclusively in the state. According to the monthly report released Wednesday by Indiana Gaming Commission, Indiana bettors wagered $236.4 million in April representing a sharp decline in the activity from March which brought in $316.7 million.
However, the 25% drop was not unexpected as number’s are typically lower during this part of the year. Also, the April handle still represented a 798% higher in year-over-year comparison as last April’s handle of $26.3 million was eclipsed by the coronavirus pandemic.
With an 8.5% hold rate, nearly $20.1 million sportsbook revenue was generated in adjusted gross revenue (AGR), down 23.8% month over month. The Hoosier State drew $1.9 million in taxes, representing 24% decline from March.
Indiana sports betting posted its highest handle record of $348.2 million in January.
Indiana Mobile Sports Betting Leads as Usual
Like March, most bets were made digitally in Indiana. Online sports betting accounted for $214.6 million of the handle in April. It was a proportionate decline of 25.2% from March’s $286.8 million, with each month accounted for 91% of the total sports betting handle.
Indiana sports betting added two new entrants– WynnBET and TwinSpires – in April and is likely to see the launch of Barstool Sportsbook in May.
Basketball Still Most Favorite
Basketball, which drew more than half of the $316.7 million handle in March, still toped in April’s chart as the most favorite sport. It accounted for $76.1 million of the handle, thanks to The Final Four and the national title game played during April.
Baseball took the second spot with $44.5 million in handle as the Hoosiers had an entire month to bet on the sport since MLB Opening Day on April 1. Parlays drew $60.4 million in bets. The ‘Other’ category took in $50.5 million in the handle. Football was consoled with $3.4 million worth of bets.
DraftKings Was the King in April
DraftKings saw the highest online sports betting handle last month with $79.2 million. The Boston-based company has partnered with Ameristar Casino in East Chicago.
FanDuel- which is a digital skin of Blue Chip Casino in Michigan City- grabbed the second-highest online share by posting $67.1 million.
BetMGM-Belterra Casino pair in Florence was the third in online handle with $30.9 million, followed by PointsBet-Hollywood Casino duo ($10.3 million). BetRivers through its casino partner French Lick Resort recorded $7.3 million in the online handle.
DraftKings also led the highest gross receipts at $6.1 million, followed by FanDuel at $5.7 million, and BetMGM at $3.1 million.
Indiana retail sports betting was dominated by Hollywood at $8.4 million, followed by Ameristar ($5.2 million). Horseshoe Hammond saw $2.8 million in the handle, while Caesars Southern Indiana and Indiana Grand saw $1.4 million, and $1.1 million, respectively.
Future of Indiana Sports Betting
A shrink in sports betting handle in April is not uncommon among legalized states. Still, it has a considerable gain if we compare to the last year. May also does not seem to bring any revolutionary increase in Indiana sports betting handle.
However, some significant changes are on the horizon. For instance, the Barstool Sportsbook launch is expected any day during May. SBK Sportsbook is also likely to start taking wagers in the Hoosier State.
The addition of the two operators will certainly increase options for the bettors in the state.
Besides, the NBA Playoffs will also kick off this month, meaning additional options for basketball bettors.