Another September double-digit hold led Indiana sports betting operators to haul in $53 million in monthly revenue, a 29% year-over-year increase.
The Indiana Gaming Commission reported the third-highest amount of money made by sportsbooks since online wagering began five years ago. September’s $483.8 million handle rose nearly 20% from the same month in 2023.
Indiana sports betting operators produced an 11% hold, just under a point better year-over-year. Getting football back in the Hoosier State led to massive month-over-month jumps.
College football and the NFL’s first full month of action led to $175.4 million wagered on football. September’s handle rose 57% month-over-month while the revenue, which went over $50 million for the fourth time ever, increased 65% compared to August, which had NFL preseason and most of the first week of college football.
Behind the first full month of the NFL and college football, sports betting action jumped 41.2% month-over-month while the gross revenue increased 66.8% from August.
While online Indiana sports betting accounted for 97% of the total handle and nearly 99% of the revenue, 15 retail sportsbooks produced $3.5 million on a hold of over 20%.
The Hoosier State filled its coffers with $5 million, up more than $1 million year-over-year, to put year-to-date tax revenue over $33 million.
Record-setting month
One of the big reasons for a strong September was DraftKings, the top online sportsbook for the month. The mobile operator set new state records with $190.3 million in handle and $19.7 million in revenue.
DraftKings broke its previous marks when the sportsbook generated $188 million wagered in November 2023 and produced $19.1 million in revenue a month later.
DraftKings produced a 10.3% hold in September and has nearly reached $120 million in year-to-date revenue through nine months.
FanDuel surpasses $130 million
| Operator | September Handle | Gross Revenue |
|---|---|---|
| DraftKings | $190.3 million | $19.7 million |
| FanDuel | $148.4 million | $18.2 million |
| BetMGM | $36.9 million | $5.1 million |
| Caesars | $22.9 million | $2.1 million |
| bet365 | $21.1 million | $2.5 million |
| Fanatics Sportsbook | $20.1 million | $1.9 million |
FanDuel finished second with a $148.4 million handle and produced a 12.3% hold that led to $18.2 million in revenue, putting the year-to-date total to a state-best $132 million.
BetMGM was the only other operator to surpass $30 million wagered in September. The $5.1 million in revenue, behind a state-best 13.9% hold, is the second-best the online sportsbook has produced in Indiana.
Caesars edged bet365 by $1.8 million to place fourth in handle, but bet365, which launched in Indiana in January, hauled in $2.5 million in revenue, second-best for the operator.
Fanatics Sportsbook enjoyed its best month in Indiana with a $20.1 million handle and $1.9 million in revenue. ESPN BET wasn’t too far behind in revenue with $1.2 million from a $12.5 million handle.
Football up 13%
Football, the Hoosier State’s most-bet sport in September, generated 13% more wagers year-over-year and 441% month-over-month.
Pigskin bets even eclipsed parlays, which surely had plenty of football wagers in the $164.4 million generated for the month. Baseball finished second among individual sports with a September handle of $54.5 million, up from the $50.4 million wagered in August.
The last month of the WNBA’s regular season helped basketball generate $17.2 million, up 65% from the previous month when the Olympics halted Caitlin Clark and the Indiana Fever’s season for a couple of weeks.
“Other” sports combined to bring in $72.2 million in wagers during September.
