Sports bettors in the Hoosier State wagered more money than ever before last month.
The Indiana Gaming Commission reported a record monthly handle of $537.9 million in October, up 25.2% year-over-year. Online sports betting and retail operators combined to surpass the previous high of $513.7 million from November 2023.
It also marked the fifth time that the handle reached $500 million in a single month.
During a month in which sports betting operators struggled to turn record handles into big profits across several reported U.S. legal jurisdictions, Indiana sportsbooks hauled in $35.2 million in adjusted revenue. That’s down 22.3% from October 2023.
The 6.5% hold was better than in some states, but it paled in comparison to the 10.5% win rate produced in October.
Online sports betting accounted for $523.4 million of the Hoosier State’s total handle and produced a 6.6% hold. Retail operators failed to get above 4%.
Missed opportunity
Indiana sports betting operators had a chance to score a massive payday if October had been anything like September.
October’s handle increased 11.2% from September’s $483.8 million, but revenue fell 33.7%. The first full month of NFL and college football produced an 11% hold, but bettors fought back and rode the success of pro football favorites in mid-October.
The Hoosier State filled its coffers with $3.3 million, down from the $5 million tax revenue haul in September.
Another DraftKings record
| Operator | October Handle | Adjusted Revenue |
|---|---|---|
| DraftKings | $193.1 million | $11.1 million |
| FanDuel | $179.2 million | $13.6 million |
| BetMGM | $38 million | $2.9 million |
| Fanatics Sportsbook | $26.8 million | $2.1 million |
| bet365 | $24.4 million | $1.9 million |
| Caesars | $24.1 million | $1.5 million |
Coming off the best month ever produced by a single operator in Indiana, DraftKings topped its handle record again, taking in $193.1 million, up from the $190.3 million in September. However, the $11.1 million in revenue was down 43.7% month-over-month as the online operator managed just a 5.7% hold.
FanDuel had a more profitable month, using a 7.6% win rate on a $179.2 million handle to rake in $13.6 million, 25% less than in September.
There was a huge drop-off after that with BetMGM coming in third with a handle of $38 million. The online operator produced a hold above 7%.
Fanatics Sportsbook had its best month ever in Indiana with a handle of $26.8 million and revenue of $2.1 million. The operator’s 7.8% hold was tied for second-best in the state behind Bally Bet’s 9.5% win rate.
bet365 finished inside the top five with a handle of $24.4 million while Caesars wasn’t far behind at $24.1 million. ESPN BET generated $15.1 million in wagers while Hard Rock Bet was the only other sportsbook to go over $10 million with a handle of $12.3 million.
Sport-by-sport betting rises
Hoosier State bettors spent $171.2 million wagering on football in October, up 11.7% year-over-year but down slightly from September’s $175.4 million.
Parlays, filled with plenty of football legs, took in $184.1 million. The start of the NBA season helped a basketball-centric state generate $61.6 million, a 60.8% increase from October 2023.
A big-brand World Series between the New York Yankees and Los Angeles Dodgers helped baseball’s handle reach $34.4 million, up 25% year-over-year. “Other” sports generated $86.4 million, nearly $20 million more than in October 2023.
