Indiana is following the trend of most legal betting states, where despite playoff football, its handle couldn’t continue the impressive trends of November and December. However, sportsbooks really care about their revenue and January was a nice way to start the year.
The Indiana Gaming Commission announced $538.7 million in wagers were made last month, slightly lower than the $563.6 million from December. This is the fourth straight month of a handle greater than $500 million.
But it’s the adjusted gross revenue that really rebounded after a paltry December. Hoosier bettors couldn’t sustain their luck and revenue increased 75% to $55 million. However, it was still well behind November’s $70-million bill.
Year-over-year handle increased 12% while revenue was up a less impressive 3%.
DraftKings the new leader in Indiana
| Operator | January Handle | Adjusted Revenue |
|---|---|---|
| DraftKings | $184.8 million | $20.1 million |
| FanDuel | $180.6 million | $23.7 million |
| BetMGM | $36.4 million | $3.9 million |
| bet365 | $29 million | $2.3 million |
| Caesars | $28.5 million | $1.6 million |
| Fanatics Sportsbook | $26.3 million | $1.9 million |
| ESPN BET | $16.1 million | $1 million |
Indiana sports betting operators for the most part shared the macro trends of the state’s betting market. Since revenue rose, all the popular operators enjoyed the same benefits. FanDuel and DraftKings saw massive improvements month over month, while the others were less impressive.
And since handle fell compared to December, so too did the action for the majority of sportsbooks. Of the top seven mobile books, bet365 and Caesars bucked that trend with their handle slightly higher. FanDuel saw the biggest drop, which gave DraftKings the inside track to be Indiana’s most popular operator.
Basketball and parlay are a top preference
After a December where football bets made up 30% of the statewide handle, it fell to 18%. Instead, Indiana bettors flocked to basketball with both college and the NBA on the docket, with $178.4 million. It was so popular that it nearly beat out parlay bets ($182 million), which is traditionally the runaway favorite for bettors.
Horseshoe Hammond stays in front
For brick-and-mortar sportsbooks, the Horseshoe Hammond maintained its status as top dog. On top of that, its handle stayed at $1.9 million, escaping the affects of the decline in statewide action.
The Hollywood Casino in Lawrenceburg, bordering Cincinnati, saw a dip in action, falling from $1.8 million to $1.4 million. It's still a tough environment for the retail operators, with four retail license holders losing money in January.
