August proved to be a better month for both Indiana’s legal sports betting operators and their customers.
The Hoosier State’s sportsbooks saw the handle increase 17% from July to August, recording $238.1 million in wagers, according to the Indiana Gaming Commission’s report. That’s a promising sign that Indiana has moved out of the summer doldrums and isn't relying so much on baseball to carry operators.
The good news for bettors is that they lowered online sports betting sites hold from 11.3% in July to 9.9% in August. That means the $23.5 million of operator-generated adjusted gaming revenue rose less than 1%.
Indiana’s August handle was nearly identical to the same month in 2022, but revenue fell 7.5% in 2023. Sportsbooks surpassed $1 billion in profits during their four-year run in Indiana, and the all-time handle is approaching $13 billion.
The Hoosier State hauled in $2.2 million in taxes from operators for August.
Sports dictate change
The NFL preseason and a smattering of early college football games were a welcomed sight in Indiana. Football recorded a handle of $17.3 million, up 620% month-over-month in August.
Baseball wagering, meanwhile, fell nearly 4% to $66.8 million. Basketball accounted for $19.8 million of Indiana’s handle while “other” sports brought in a huge chunk at just over $63 million.
Parlays in Indiana were up 12.5% to $70.7 million.
DraftKings continues handle run
DraftKings recorded an Indiana-best online sports betting handle of $94 million in August, up 21% month-over-month, to top rival FanDuel for the third consecutive month.
FanDuel’s handle of $70.8 million was up from July’s $62.7 million, and it produced adjusted gross revenue of $8.5 million, which bested DraftKings by about $900,000, thanks to a hold of 13.5%.
BetMGM was third in handle at $20 million while Caesars was next in line at $16.9 million.
