DraftKings Sets New Bar For Mobile Sports Betting in Indiana

The resurgence of NFL and college football games has led to a noticeable increase in betting across the nation and on top sports betting apps. Indiana sports betting has recently experienced a significant boost in activity compared to the previous month.

The surge in sports wagering in Indiana resulted in a new record for sports betting apps in the state. DraftKings Indiana set a new monthly handle record last month, exceeding the previous high set in November 2021.

About that record

In September, DraftKings Indiana had a standout month, establishing itself as one of the top sportsbooks in the state. It set a new record for the highest monthly handle of any sports betting app in Indiana. These achievements further solidified DraftKings’ position as a leading legal sports betting destination in the country, rivaling FanDuel.

During September in Indiana, DraftKings received an impressive $169.2 million in bets, surpassing its previous monthly record of $166.2 million set in November 2021.

In September, the Indiana sports betting app reached a new milestone in revenues. DraftKings reported over $15.1 million in profits, setting a new record for the company and surpassing the $13.7 million earned in September 2022.

FanDuel Indiana ranked second with a reported $124.1 million September handle. DraftKings and FanDuel together accounted for 72% of Indiana’s total sports betting handle for the month, leaving other betting sites far behind.

In September, BetMGM Indiana came in third place with a handle of $32.5 million, followed by Caesars Indiana in fourth place with $25.3 million in bets, and BetRivers Indiana in fifth place with a $10.1 million handle. The remaining competitors did not surpass the $10 million mark.

Indiana sports betting returns to $400 million

During September, Indiana’s mobile sportsbooks and retail operators collectively received $404.1 million in bets, reaching the $400-million milestone for the first time since March in the state’s sports betting industry.

The state’s sportsbooks saw a significant increase in revenue in September, with a 69.8% spike from the previous month’s total of $238,079,855. This year-over-year increase is also notable. However, the total revenue reported in September 2022, at $382,507,090, is 5.6% lower than the previous month’s total.

Indiana sports betting apps accounted for $383.8 million of the total $404.1 million handle.

Revenues climb too

The Hoosier State saw a significant rise in both sports wagering activity and sportsbook profits in the latest month. Indiana sportsbooks reported a taxable adjusted gross revenue of $41.1 million, a notable increase from the $23.6 million recorded in August.

Nevertheless, the $41.1 million represents a decrease compared to the $50.55 million in revenues generated in September 2022.

In September, the sportsbook hold rate in Indiana was 10.1%, a small increase from August’s 9.9% but significantly lower than the 13.2% win rate recorded in September of the previous year. This led to a decrease in year-over-year sports betting profits.

The tax revenue generated from Indiana’s legal sports betting industry, including promotions from Indiana sportsbooks, reached nearly $4 million in September, an increase from the $2.2 million collected in August. However, the lower year-over-year hold rate resulted in less revenue compared to the $4.86 million collected in September 2022.

Down the line

Indiana’s legal sports betting industry is expected to remain strong throughout March, with football playing a significant role in September by generating $155.3 million in bets, surpassing the combined total of all other sports.

Basketball season is starting this month and is expected to compete with football betting in the future. The mix of these two sports is likely to help Indiana surpass the $400 million mark in bets through March and the NCAA Basketball tournament.

The launch and initial success of Kentucky sports betting poses the only threat to the Hoosier State. Both jurisdictions will be closely monitored in the coming months to assess the impact of the Bluegrass State industry on Indiana.