Despite Indiana schools coming up short during March Madness, the Hoosier State saw its legal sports betting numbers come in higher than the previous month.
The Indiana Gaming Commission announced that the state accepted $433 million in bets last month, marking a 21.6% increase from February’s $356.1 million.
But thanks to the state’s schools enduring early exits in the NCAA tournament, Indiana’s tax revenue rose 44% to $4 million. Sportsbooks also reported a 9.8% hold, much higher than February’s 7.7%. Year-over-year, Indiana’s handle fell 9.1% but revenue came in 33% higher.
DraftKings remains king
DraftKings remained the top dog in the Hoosier State, boasting a $144.1 million handle. Meanwhile, FanDuel narrowed the gap by gaining 21.4% in handle to hit $136 million.
Caesars stayed in third with a 22.1% jump, grabbing $40.8 million in wagers. BetMGM saw the most growth at 27.7% but remained in fourth at $40.1 million.
Baseball and basketball are now the focus
Even though the XFL season is still underway, sports betting in Indiana is dominated by basketball. Over 50% of the state’s entire handle came courtesy of straight basketball bets (this doesn’t include any parlay bets with basketball legs). It's safe to say this number would have increased had the likes of Purdue and Indiana not been eliminated prior to the Sweet 16.
Baseball began in earnest in March and Indiana noticed. Over $7 million in bets were made on games that included the MLB slate and the World Baseball Classic.
In comparison, March 2022 saw just $1.5 million in baseball wagers.
