Purdue's men's basketball team made a strong run in the NCAA tournament (not just in wins but against the spread, too) and Hoosiers took advantage, as best they could.
The Indiana Gaming Commission announced that the Hoosier State saw $500.7 million in wagers last month, nearly $100 million more than the $408.6 million in February.. While sportsbooks certainly enjoyed the increase in action, bettors improved their luck again.
After holding 11.1% of their wagers in January, the hold percentage dropped to 9.3% in February. Last month, it fell again to 7.8%. From that hold, the operators made $39.4 million in revenue, just 3.6% more than the previous month.
From that revenue, the state’s tax bill grew to $3.7 million.
DraftKings tops the competition
DraftKings and FanDuel were the only sportsbooks in March to see more than $100 million in bets, with DraftKings leading the way with $184.3 million versus FanDuel’s $153.2 million.
Another take away last month was the overall success for the Indiana sports betting operators. With football gone, basketball was the obvious sport to bet on, seeing $167.9 million in handle. Baseball was the next highest listed sport at a measly $9.8 million. “Other” received $173 million.
Purdue rebounded from a loss to a 16-seed in last year's March Madness tournament. This year, the Boilermakers tore through their competition and reached the National Championship game, where they lost 75-60 to UConn. Nonetheless, the five tournament victories were enjoyed by local fans and bettors.
Of the 13 online sportsbooks who saw action in March, 12 posted positive revenue. Only Unibet reported a loss of $30,000.
| Operator | March Handle | Revenue |
|---|---|---|
| DraftKings | $185.3 million | $13.6 million |
| FanDuel | $153.2 million | $13.9 million |
| BetMGM | $42.3 million | $2.6 million |
| Caesars | $27.3 million | $1.4 million |
| ESPN Bet | $21.1 million | $1.1 million |
| bet365 | $20 million | $1.3 million |
