Indiana Sees Decline in Handle Despite $408 Million in February Wagers

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A general view of Lucas Oil Stadium and downtown Indianapolis in Indiana. Jamie Squire/Getty Images/AFP

Depending on how you spin it, Indiana sports betting saw a down month, or one heck of a year. The Indiana Gaming Commission reported that the state’s sports betting handle reached $408.6 million in February which is lower than what was generated in January.

The hold percentage for Indiana operators in February was 9.3%, lower than January’s, which topped 11%. But a look at the numbers year-over-year paints a different picture. The Hoosier State was up nearly 15% compared to the same period last year.

Revenue Dynamics

In February, the total money made from sports betting after paying out winners was almost $38 million. This is 30% less than the $55.4 million made in January, but it’s still 37% more than the $27.7 million from February of last year.

Indiana’s gaming operators also reported a taxable adjusted gross revenue of just under $38 million last month, marking a significant increase from the nearly $28 million recorded in the same period the previous year. 

The state’s tax revenue increased to $3.6 million, bringing the total for the first two months of the year to $8.7 million. This marks a 42.6% rise compared to the same period in 2023, supported by a 10.3% hold on a handle of $889.2 million thus far.

FanDuel and DraftKings Still Dominant

In the competitive arena of Indiana’s sports betting market, FanDuel, in alliance with Blue Chip Casino, has once again ascended to the top of the revenue generation leaderboard, amassing nearly $13.8 million. Hot on their heels, DraftKings, in collaboration with Ameristar Casino, garnered a close $13.6 million.

The rivalry notwithstanding, both FanDuel and DraftKings have successfully captivated bettors, with DraftKings securing the lead in total betting volume for an impressive ninth month in a row. Their steadfast performance and prominent market stature affirm their roles as pivotal forces in the evolution of Indiana’s sports betting scene.

Making a splash in its inaugural month, Bet365, hailing from England, clinched the fourth spot in revenue, raking in almost $3 million and boasting an impressive win rate that surpassed 13%. With a handle of $21.1 million, Bet365’s debut trails ESPN BET by a mere $478,000, signaling a strong start in the market.

Overall, wagering via sports betting apps totaled $398 million as the 13 mobile books generated a collective hold of 9.4%.

Top Betting Choices in Indiana for February

In February, the NFL hosted two major events: the Pro Bowl and the Super Bowl, generating a little more than $14 million in betting revenue in Indiana. This figure pales in comparison to January’s number which nearly hit $58 million. But it didn’t last long.

Both college and professional basketball took over quite nicely, generating an impressive $117.5 million in bets last month. Parlay betting remained the preferred choice among bettors, attracting $191 million in wagers, although this was a decrease from the $270 million played in January.

With the huge numbers generated by basketball in Indiana in February, the best may be yet to come in March. The NBA is hitting its playoff run, college conference tournaments are always a popular play, and then the March madness will begin when NCAA Men’s and Women’s basketball tournaments play out. 

We’ll keep tabs on the numbers but it appears that operators are poised to record another huge month.