Indiana Enjoys Record-Setting January for Sports Betting Revenues

In January, Indiana sports betting apps and retail providers experienced a decrease in betting activity compared to the previous month, but still managed to achieve a new revenue record.

The slight decrease in overall activity for the top sports betting sites in Indiana was primarily due to a restricted NFL schedule for the month.

According to the January report from the Indiana Gaming Report, the state’s top sportsbooks reached a new peak in revenues and tax contributions thanks to the sixth-highest sportsbook hold rate since the launch of Indiana sports betting in May 2018.

Nearly $500 million in January handle for Indiana

Indiana’s top sports betting apps reported a total of $480.6 million in accepted wagers in January. This represents a decrease of just under $23 million, or 4.5%, compared to December’s total of $503.1 million. This also marks the end of a two-month streak where the state consistently reached $500 million in monthly handles.

Sports betting activity in Indiana saw a strong year-over-year growth in January, with a 12.5% increase from the $427.2 million reported in January 2023.

Indiana’s lifetime sports wagering handle exceeded $15 billion in January with the assistance of Indiana sportsbook promotions during the NFL playoffs, making it the seventh state to reach this milestone.

New revenue record for Indiana sportsbooks

In January, Indiana sportsbooks achieved a historic revenue month, surpassing the previous record set in September 2022, with $53.5 million in adjusted gross revenue. This success was achieved despite a slight decrease in month-over-month handle.

January’s revenue of $53.5 million represents a month-over-month increase of approximately $2.9 million, or 5.6%, compared to the $50.6 million generated in December. This figure is also nearly $18 million, or 46%, higher than the revenue earned in January 2023.

Indiana has recorded monthly revenue totals exceeding $50 million for the first time in consecutive months. The significant spike in January revenue can be attributed to the 11.1% hold rate for Indiana’s top sportsbooks, marking the sixth-best win rate ever for providers in the Hoosier State.

The result was a new record in tax contributions from Indiana sports betting providers, with $5.1 million in tax revenue being collected by Indiana state and local governments. This marked the first time that the monthly total exceeded $5 million.

FanDuel, DraftKings split handle and revenue race in January

The competition between FanDuel Indiana and DraftKings Indiana for the title of the most popular sports betting site in Indiana was expected. DraftKings had the highest handle, but FanDuel outperformed all other providers in the state in terms of revenue.

DraftKings Indiana emerged victorious in the handle competition, collecting $179.8 million in wagers in January. The company came in second place with $18.7 million in profits, achieving a 10.4% hold rate.

FanDuel’s impressive 15.3% hold led to a victory in the battle for revenues, resulting in $23.4 million earned from a $159.6 million handle. This set a new revenue record for the Indiana sportsbook in a single month.

In the Indiana sports betting apps market, BetMGM ranked third with $36 million in wagers in January, while ESPN BET followed closely behind with a $30.8 million handle. ESPN BET achieved a 6.6% market share, just below its goal of 7% in its first year of operation.