Indiana Sportsbooks Take $409M in Wagers in February as Strong Betting Year Continues

Hoosier State bookmakers have now taken north of $390 million in basketball wagers in 2022, and that number should rocket higher this month thanks to the biggest betting event of the year – March Madness.

Last Updated: Mar 15, 2022 12:25 PM ET Read Time: 2 min
Xavier Johnson Indiana Hoosiers College Basketball
Photo By - USA TODAY Sports

Sportsbooks in the Hoosier State had another solid month in February, as they piled up more than $400 million in total handle. 

Though a new high for the month, February’s $409.1 million in wagering was an expected dip from January when a loaded NFL playoff schedule helped Indiana rack up a record-setting month of over $500 million in handle. 

February’s revenue was approximately half of January’s haul ($17 million compared to $35.5 million), while the hold percentage for the month was approximately 4.1%, a dropoff from January’s 7.1%. 

Indiana still gained $1.6 million in tax revenue in February, bringing the yearly total to close to $5 million. January’s tax take for the Midwestern state had been just shy of $3.4 million.

DraftKings was again the state’s go-to choice for mobile wagering in February, with the sportsbook operator bringing in more than $121 million in handle. Its DFS rival, FanDuel, wasn't far behind, tallying nearly $108 million in online wagers. The two bookmakers combined for over half of the state’s total handle and continue to be big players in the legal sports betting arena. 

Other online sportsbooks recording notable handle in Indiana last month included BetMGM, which took over $52 million in wagers.

Madness expected 

February’s numbers were buoyed by more than $200 million in basketball bets, which has proven to be a top betting choice for the hoops-crazy state. 

Indiana sportsbooks have now taken north of $390 million in basketball wagers in 2022, and that number should rocket higher this month thanks to the biggest betting event of the year — March Madness.

March Madness is the Holy Grail of sports betting in the United States, but it’s especially true for Indiana. The 64-team, three-week tournament provides ample games to wager on, and last year, the Hoosier State laid down over $160 million in basketball bets in March alone. 

Sports betting has reached new heights in the state since last year’s edition of the college basketball tournament, so there’s reason to believe that this year’s numbers could balloon.

March Madness kicks off in earnest on Thursday, and won't wrap up until April 4, when the champions are crowned at the Caesars Superdome in New Orleans.

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