The Indiana sports betting market enjoyed continued growth during April, with sportsbooks combining to produce more than $40 million in revenue.
The Indiana Gaming Commission’s revenue report showed that the handle rose 11% year-over-year to $437.1 million, while revenue rose 2.8% year-over-year.
Key Takeaways
- The market generated $437.1 million in revenue, a 2.8% increase year-over-year.
- Sportsbooks posted a 9.2% hold, well up from 6.3% in March.
- DraftKings led the online market with a $156.5-million handle.
Although the Indiana sports betting handle fell about $116 million from March to April, which was to be expected due to the end of March Madness, revenue rose 14.8% from the $35 million reported last month. That represented a 9.2% hold for operators, well above the 6.3% reported in March.
Legal sportsbooks’ $40.2 million in adjusted gaming revenue resulted in $3.8 million in taxes for the state, also comfortably above the near-$3.4 million last month.
April’s overall year-over-year growth steered Indiana’s betting market back onto its usual course after a moment of hesitance. In March, revenue fell 10.2% year-over-year despite the handle swelling 10.5% year-over-year.
The state is now up to nearly $2 billion in wagers and $179.5 million in revenue since the beginning of the year.
Sports betting breakdown
| Operator | Online Handle | Revenue |
|---|---|---|
| DraftKings | $156.5 million | $14.4 million |
| FanDuel | $132.1 million | $14 million |
| BetMGM | $31 million | $3.4 million |
| bet365 | $27.5 million | $2.5 million |
| Fanatics | $26.2 million | $2.2 million |
| ESPN BET | $12.9 million | $1.5 million |
| BetRivers | $8 million | $603,678 |
Parlay bettors stood out as the most active group of bettors in April, producing $149.4 million in total bets – 34.2% of the total monthly handle. More than $1.5 billion has now been wagered on parlays since New Year’s Day just in Indiana.
Basketball was the second most-popular market for bettors, resulting in $115 million (26.3%) in wagers between the end of March Madness, the NBA, and other leagues. Baseball was responsible for $70.8 million in bets, or 16.2 percent of the monthly handle.
As far as online handle and revenue, Ameristar Casino (DraftKings) posted the highest totals of the month at $156.5 million and $14.4 million, respectively. Blue Chip Casino (FanDuel) was next at $132.1 million and $14 million, followed by Belterra Casino (BetMGM) at $31 million and $3.4 million.
Only three other casino-sportsbook partners broke $1 million in online revenue in April. One of those was French Lick Resort, which partnered with bet365 and Fanatics. It took $27.5 million in wagers and churned $2.5 million in revenue via bet365 and $8 million in handle and $603,678 in revenue via BetRivers.
The other was Hollywood Lawrenceburg, which partnered with ESPN BET and Fanatics. ESPN BET took $12.9 million in bets for $1.5 million in revenue, while Fanatics accepted $26.2 million in wagers and generated $2.2 million in revenue. That culminated in $3.2 million in total revenue for the casino with retail and adjustments.
Harrah’s Hoosier Park (William Hill) posted $19.5 million in handle and $996,514 in revenue, and Hard Rock Casino Northern Indiana (Hard Rock) had an $11.1-million handle and $1.1 million in revenue. Bally’s Evansville was the only casino with a higher retail than online handle, totaling $4.7 million and $187,840 adjusted revenue across both.
All other casinos offered retail-only sports betting.
Indiana’s low tax rate
Indiana’s 9.5% tax rate on sportsbooks’ adjusted gaming revenue is one of the lowest in the country. Nearby Ohio launched its sports betting market with a 10% tax rate, which it later doubled to 20%.
Ohio Gov. Mike DeWine pushed to double the rate to 40% earlier this year, although that effort was killed in April by local lawmakers.
