Indiana Enjoys Another $500 Million Sports Betting Handle But No Record in December

December was a month of impressive performance for Indiana sports betting apps and retail providers, coming close to breaking records but falling just short of the record figures set by the top sports betting sites in November.

Indiana sports betting operators surpassed $500 million in wagers for the second consecutive month in December, marking the fourth time in history. Despite this achievement, they narrowly missed setting a new record for the second month in a row.

According to the Indiana Gaming Commission’s December report released on Friday, the total handle for sports betting in the Hoosier State in 2023 reached $4.34 billion, marking a 2.9% decrease from the previous year. However, despite the drop in handle, the revenues from 2023 surpassed those of 2022.

Indiana hits second-best sports betting handle in December

Hoosier State bettors have now spent over $500 million on Indiana sports betting for the second consecutive month. This marks the first time since legalization that the state has surpassed the half-billion handle mark in back-to-back months, making it the second-highest total ever for Indiana sportsbooks.

In December, the handle of $503.1 million was the second highest on record, falling just short of the November record of $513.6 million. However, this represents a significant 16.6% increase compared to the $431.4 million reported in December 2022.

As previously noted, Indiana’s sports betting totals for December brought the year-long handle to $4.43 billion, a respectable figure but slightly lower than the $4.47 billion wagered in the state in 2022.

Revenues second best ever too

Indiana sportsbooks did not achieve a new revenue record in December, but they did have the second-highest earnings month in the state’s legal sports betting history.

Last month, the Indiana Gaming Commission reported $54.6 million in sportsbook gross revenues, with $50.6 million in adjusted gross revenues after almost $4 million in adjustments. This $50.6 million figure is the second highest in state history, trailing only September’s record-breaking $51.2 million in earnings for state providers.

Indiana sportsbooks saw a significant increase in December revenues compared to November, almost doubling to $26.8 million. This also represents a $7 million improvement from the same time last year, when revenues were at $43.555 million in December 2022.

In December, Indiana mobile sportsbooks saw a hold rate of 10.7%, which was more than double the 5.2% hold rate from November. Last year in December, the Indiana sportsbook win rate was 10.1%, likely influenced by promotions from Indiana sportsbooks.

Indiana sportsbooks ended 2023 with a total revenue of $404.1 million, attributed to a slightly increased hold rate of 9.3% for the year. This marks a 4.4% improvement from the revenue generated by state providers in 2022.

Indiana sports betting sites contributed just under $5 million in taxes in December, bringing the total for 2023 to $36.8 million. This represents a $1.8 million increase from December 2022.

DraftKings takes handle haul crown, FanDuel prevails in revenue race

Once again, DraftKings and FanDuel emerged as the leading sports betting platforms in Indiana. DraftKings Indiana generated the highest amount of wagers in the state, totaling $177.9 million in December, while also bringing in the second-highest revenue of $19.1 million.

In December, FanDuel Indiana reported $171.2 million in bets, making it second in terms of handle. However, the company led in profits, earning $20.8 million.

There was a close race between third and fifth place in the competition to be Indiana’s top sportsbook. ESPN BET stood out as a strong contender in the “best of the rest” category.

In December, BetMGM Indiana ranked third in overall handle at $33.6 million, followed by Caesars Indiana in fourth place with a handle of $33.3 million. ESPN BET Indiana closely followed in fifth place with nearly $30 million in wagers.