Indiana Rides Caitlin Clark, Pacers’ Playoff Run to Decent Sports Betting Totals in May

The top sports betting sites in Indiana saw a significant increase in wagers thanks to the excitement surrounding Caitlin Clark and the Indiana Pacers’ playoff run in May, leading to a surge in year-over-year betting activity.

The majority of sports betting activity in Indiana during May was attributed to basketball, both through betting apps and retail providers. However, despite a significant increase in basketball bets compared to last year, the total wagering handle for the month was the lowest of the year, as reported by the Indiana Gaming Commission.

In May, DraftKings and FanDuel continued to dominate the Indiana sports betting market, far surpassing any other sportsbooks in performance.

Indiana records $361.1 million in May

In Indiana, sports bettors wagered a total of $361.1 million with state providers, with $97.2 million of that amount coming from basketball bets. The handle for May showed a 27.6% increase from the previous year’s total of $287.2 million, but it also marked an 8.2% decrease from April’s nearly $393.9 million.

Out of the total $361.1 million, $351.7 million was generated by the state’s top sports betting apps, with the remaining amount attributed to retail providers.

Even with Indiana sportsbook promotions attracting new customers during the NBA playoffs and the start of the WNBA season, the Hoosier State still saw its lowest monthly sports wagering total of 2024 at $361.1 million, despite a year-over-year increase.

Clark’s first season with the WNBA’s Indiana Fever and the Pacers’ successful NBA playoff run had a significant impact on the legal sports betting industry in Indiana. In just one month, bettors placed $97.2 million in wagers on basketball, marking a $25.5 million increase from the previous year and a 36% jump in total bets placed.

$39 million in adjusted gross revenue for Indiana

Indiana’s top sportsbooks saw a significant increase in adjusted gross revenue in May, reaching $39 million. This is a 15.4% improvement from the $33.5 million earned in May 2023 and a 5.1% increase from the previous month’s total.

So far this year, Indiana sportsbooks have generated $206.9 million in sportsbook revenue, marking a 21.6% increase compared to the same period in 2023.

In May, Indiana sportsbooks reported a hold rate of 10.8%, up from 9.9% in April and slightly lower than the 11.8% reported in May 2023.

In May, Indiana’s top sportsbooks contributed $3.7 million in taxes to support state and local programs. This brings the total tax revenue for the year to $19.7 million, an increase of $3.3 million compared to the same period last year.

FanDuel and DraftKings each notch a win in Indiana market

In the monthly Indiana sports betting report, DraftKings led in handle while FanDuel excelled as the top revenue producer.

In May, DraftKings saw $132.7 million in wagers and generated $12.6 million in revenue, with a win rate of 9.5%.

Despite coming in second in terms of handle with $112.1 million in bets in May, FanDuel managed to surpass its competitors in profits with $15.8 million thanks to a 14.1% hold rate. Despite a decrease in handle, the company saw an increase in revenues compared to the previous month.

In Indiana, BetMGM secured third place with a $31.2 million handle, generating $2.5 million in revenue from a 7.9% win rate. ESPN BET followed in fourth place, with a $14.4 million handle and $1.5 million in revenue. bet365 completed the top five, receiving $16.5 million in bets and nearly $1.4 million in revenue.

Caesars came in sixth place, with $19.2 million in bets and $1.3 million in revenues, despite a disappointing 6.6% hold. Following behind were Fanatics, Hard Rock, BetRivers, and Bally Bet, none of which reported monthly revenues exceeding $1 million.