Indiana Rides March Madness To Fourth Best Sports Betting Month Ever

The success of Indiana sports betting apps and top sportsbooks in March can be attributed to the impressive performances of the Purdue Boilermakers and the NCAA Men’s and Women’s basketball tournaments.

The March report from the Indiana Gaming Commission has been released, showing a significant increase in monthly sports betting activity compared to both the previous month and the same time last year.

In March, Indiana reached a milestone by surpassing $500 million in sports betting handle for the fourth time since legalization. This achievement also made Indiana the seventh state to exceed a lifetime handle of $16 billion.

$500.8 million March handle

Indiana sports bettors flocked to betting sites in large numbers in March, with Hoosier State sportsbooks reporting a total of $500.8 million in accepted bets. Of that amount, $485.4 million came from Indiana sports betting sites.

Sports betting activity increased to $500.8 million in March, a 22.5% jump from February’s $408.7 million and a 15.6% increase from March 2023’s $433.7 million.

Basketball played a significant role in the state’s sports betting scene through the top sports betting apps for fans of the sport.

$39.4 million in March revenues

Indiana sportsbook profits were a bit lower than expected in March, despite recording the fourth-highest handle ever. The gross gaming revenues did not fully align with the high level of wagering activity in the state, mainly due to a 7.9% hold.

In March, gross gaming revenue totaled $39.4 million, marking an 8% decrease compared to March 2023 when $43.7 million was reported with a 10.1% win rate. Despite the year-over-year decline, there was a nearly $2 million increase from February’s revenue of $37.6 million.

So far this year, Indiana sports betting apps have generated $130.9 million in sportsbook revenues, marking a 22.3% increase from the same period in 2023.

During the month of March, Indiana’s top sportsbooks contributed $3.7 million in taxes, bringing the total for the year to $12.4 million. This amount is $2.4 million higher than where it stood in 2023 at this time.

Split decision for FanDuel and DraftKings

DraftKings and FanDuel, the two giants of U.S. sports betting, competed once more for the top spot as the most popular sports betting app in Indiana. DraftKings garnered the highest number of bets, while FanDuel reported the highest revenue in the state.

In March, DraftKings accounted for $184.3 million of the state’s handle, but only brought in $13.6 million in revenue with a 7.4% win rate. FanDuel generated $13.9 million in revenues from $153.2 million in accepted wagers, with a 9.1% win rate.

In March, BetMGM Indiana saw its highest monthly handle of $40 million since March of last year. The sportsbook took in $42.3 million in bets, but only earned $2.6 million in revenue due to a low win rate of 6.1%.

Caesars Indiana recorded $24.7 million in bets and $1.5 million in revenue, while ESPN BET Indiana followed closely behind with $21.1 million in wagers and $1.1 million in profits, securing a spot in the top five.

In its inaugural month in the Indiana market, Fanatics reported $760,000 in earnings from $12.5 million in bets. This put them in second place behind bet365, which generated $1.4 million in profits from $20.1 million in wagers during the same period.

In March, Indiana’s physical locations saw a significant increase in revenue, jumping from $360K in February to $1.7 million. With a 10.9% hold, this marked the highest win rate for Indiana facilities in 2024.