After a successful November, Indiana sportsbooks ended the year on a bit of a sour note. While the overall handle fell compared to November it was still higher than October. However, revenue last month saw a massive decline.
In December the Indiana Gaming Commission reported $563.6 million in bets, an 8% decrease from November, but still nearly $25 million more than October. Compared to December 2023, handle rose 12%.
But on the revenue side, December’s $31.4 million in adjusted gross revenue for the operators was a whopping 54.2% lower than the previous month.
Year on year the revenue drop was a slightly less brutal 38%.
Bettors obviously increased their luck, lowering the amount the sportsbooks held from their action from 11% to 5.5%.
In the end the state’s tax bill fell from $6.5 million to $2.9 million.
FanDuel maintains lead in Indiana
| Operator | December Handle | Adjusted Revenue |
|---|---|---|
| FanDuel | $199.2 million | $8.8 million |
| DraftKings | $185.6 million | $11.8 million |
| BetMGM | $39.4 million | $2.4 million |
| Caesars | $28.1 million | $1.4 million |
| bet365 | $28 million | $1.6 million |
| ESPNBet | $19.3 million | $951,000 |
| Fanatics Sportsbook | $26.5 million | $1.7 million |
Indiana’s sports betting market is quite top heavy. DraftKings and FanDuel together see more action and revenue than all the other operators combined. And in December the two sportsbooks were the only to report more than $150 million in handle and $5 million in adjusted revenue.
There was some good news for the smaller operators in the Hoosier State. Both bet365 and ESPNBet saw an increase in action last month. Plus, of the top seven operators (those reporting more than $15 million in handle) only the top three saw their revenue fall by more than 50%. The others saw more palatable declines.
Indiana bettors still picking football
The Indiana Pacers are turning things around but Hoosiers still like their football.
Football bets made up 30% of the statewide handle. Basketball bets a close second at 26%, and parlays lead the field with 33%.
For those checking, these are almost identical numbers to November. So, which sports did bettors move away from to cause the decline in handle? The answer: all other sports.
This category features sports such as hockey, tennis and golf. The group saw around a 28% drop in handle.
Horseshoe Hammond the new retail leader
On the casino side, the Horseshoe Hammond reported the most action with $1.9 million.
The Hollywood Casino in Lawrenceburg, just went of Cincinnati, Ohio came in second with $1.8 million after seeing the most action in November. But both these casinos lost money from their sports bets. And they weren’t the only ones. Of the 12 retail sportsbooks, six reported a loss in December.
