Indiana Sports Betting Activity Drops Month-Over-Month While bet365 Makes a Splash

Indiana recently reported a decrease in legal sports betting activity following the conclusion of the NFL season in February, with a decline in usage seen across various top sports betting apps.

The Indiana Gaming Commission’s February earnings report revealed that sports betting activity in the Hoosier State experienced anticipated double-digit decreases. Despite this, year-over-year data indicates a robust wagering environment in Indiana.

The year-to-date figures from Indiana sports betting apps and retail sports wagering sector show the industry’s strong performance as we approach the state’s highly anticipated March Madness tournament.

$408.7 million February handle

Indiana sports betting sites recorded $408.7 million in wagers in February, marking the lowest total since September. Despite this decrease, it was the sixth consecutive month that state providers saw handles exceeding $400 million.

The $408.7 million represents a 15% decrease from January’s total of nearly $480.6 million, but it is a 14.7% increase from February 2023’s total of almost $356.2 million.

In February, Indiana sports betting apps accounted for $398 million of the total legal sports betting handle, while retail betting contributed just over $10 million to the overall wagering total for the month.

In the first two months of 2024, sports betting activity in Indiana reached a total of $880.2 million, a significant increase from the $783.34 million wagered in the same period in 2023. Indiana residents have had access to a variety of sportsbook promotions to enhance their betting experience.

$38 million in revenue

In February, the sports wagering handle in Indiana generated almost $38 million in adjusted gross sports betting revenue, as reported by the Indiana Gaming Commission.

The figure shows a 29% decrease from January’s $53.5 million, but it is a 37.2% increase from February 2023’s profit of nearly $28.1 million.

In February, Indiana sports betting sites saw a hold rate of 9.4%, significantly lower than the 11.1% win rate recorded in January. The overall hold rate was affected by retail outlets in the state, which reported a 3.4% win rate for the month. Five casinos experienced revenue losses during this time.

In the first two months of 2024, revenues have increased by 42.6% compared to the previous year. The state earned $3.6 million in taxes in February, bringing the total tax contributions for the year to $8.7 million.

DraftKings rules but bet365 emerges

For the ninth consecutive month, DraftKings maintained its position as the top Indiana sports betting app in February. Despite accepting $152.3 million in wagers in the state, it narrowly missed out on surpassing FanDuel in monthly revenues.

In February, DraftKings Indiana generated revenues of almost $13.5 million with a hold of 8.9%.

In the Indiana market, FanDuel Indiana ranked second in monthly handle with $126 million in accepted wagers. However, they led in revenues, earning $13.7 million in profits in February with a 10.9% hold.

BetMGM Indiana ranked third in February with a handle of $30.7 million and revenues of $3.2 million, achieving a 10.5% hold.

Caesars Indiana came in fourth place in terms of wagers in February, totaling $22 million. However, it ended up in sixth place for revenues, generating $1.3 million due to a disappointing 6% hold.

Although not widely covered in the media, bet365 Indiana managed to secure the fourth spot in revenue generation in the Hoosier State, earning a commendable $2.6 million with a hold rate of 13.4%. The England-based sportsbook also saw a total of $21.1 million in bets last month.

ESPN BETBET struggled in the Indiana market this month, with a 30% decrease in handle and a 5.2% win rate resulting in only $1.1 million in revenue. The sportsbook’s market share in Indiana was just 5.4%, falling short of the targeted 7% share for its first year of operation.

In February, Betway Indiana accepted just $431,000 in wagers, resulting in a monthly revenue loss of $16,000, placing them in the top six.