Indiana sports betting handle hits all-time high in October

The Indiana sports betting industry scaled new heights in handle in October, thanks to the return of basketball and a full month of football wagering.

The latest financial report published by the Indiana Gaming Commission shows that Hoosiers wagered $461.1 million on sports in the month, beating the state’s previous handle record of $355.4 million set in September. Compared to September, October’s handle was up by 29.7% month-on-month, and it was nearly double the $230.9 million reported in the same period last year.

The state’s online betting market also set a new record in the month as remote bettors generated $412 million of the handle, an increase of 26.1% from the $326.6 million wagered in September.

Besides setting a new record, October’s numbers also saw Indiana reach the $5 billion handle benchmark, making it the fifth US state to achieve the feat, behind New Jersey, Nevada, Pennsylvania, and Illinois.

The revenue generated by the industry was $27.7 million, down 18.3% from September’s $33.9 million but 26.4% higher than the $21.9 million posted in October. The sports wagering tax for the month was $2.63 million, a decrease of 18.7% from the $3.2 million reported in September.

Basketball handle grows nearly tenfold in October

The start of the 2021-22 NBA season on October 19 was one of the reasons behind the massive growth in Indiana’s handle last month. According to the IGC revenue report, Hoosiers spent $53.5 million on basketball betting in the month, up from $5.2 million in September. The figure shows an increase of nearly 1000% month-on-month.

Football betting generated $175.8 million in bets in the month, the highest for any sport. The amount wagered on the sport was up by 18.3% month-on-month when compared to September’s $148.6 million handle.

Parlay cards had the second-highest handle by sport at $127.6 million, up 38.7% from the $92 million reported in the month prior. Baseball betting came fourth with $34.8 million in handle, down 34.2% from September’s $52.9 million.

Other sports including hockey, soccer, tennis, and golf tallied $67.1 million in wagers, up from $52.2 million in the previous month.

DraftKings tops Indiana mobile market with $150m handle

Like in the previous months, DraftKings was the top operator in Indiana in terms of internet betting handle in October. The sportsbook took in $150.7 million in wagers in the month, up from $130.4 million in September. The operator’s taxable revenue was also up month-on-month as it went from $7.2 million in September to $7.8 million in October.

FanDuel Sportsbook took the second spot after reporting $113.3 million in internet handle and $9.2 million in online revenue. The operator’s handle for September was $77.2 million, which translates to an increase of 46.8% month-on-month.

BetMGM came a distant third with $47.7 million in handle and $4.5 million in taxable revenue. Caesars (formerly William Hill) followed closely with $40.2 million in mobile handle and $435,658 in gross revenue. Penn National Gaming’s Barstool Sportsbook also showed a strong performance after taking in $21.7 million in wagers.

When it comes to retail, Hollywood Casino in Lawrenceburg was the market leader with a handle of $15.6 million and a hold of $972,752. Next was Ameristar Casino in East Chicago, which reported $6.8 million in handle and $340,498 in revenue.

Horseshoe Hammond had the third-highest retail handle at $5.9 million. The licensee’s hold from wagers placed in-person was $426,748.