The Indiana Gaming Commission (IGC) reported a record $53.5 million in adjusted gross sports betting revenue for January on Monday, as parlay handle accounted for more than half the state’s $480.6 million worth of wagers.

It was the first time Hoosier State sportsbooks recorded back-to-back months with at least $50 million in revenue, as they built off December’s haul of $50.6 million. The previous record was $51.2 million set in September 2022. Operators statewide posted an 11.1% hold, sixth-highest in 53 months of legal betting, as it reached double digits for the sixth time in the last nine months.

Parlay handle as a percentage of the total handle in Indiana topped 40% for the first time in December, which was also the first time it surpassed $200 million. Bettors went much higher to start 2024, putting down a whopping $269.9 million worth of wagers on the multi-leg bets.

That was $64.2 million more than December’s short-lived record of $205.7 million. The IGC does not disclose revenue figures for sport category, but parlay handle accounted for more than 56% of the total amount bet in January.

With an all-time high in revenue came an all-time high in tax receipts. State coffers saw an inflow of $5.1 million — the first time Indiana operators generated more than $5 million in sports betting taxes in a month as the total since launch in 2019 reached over $126.6 million.

Indiana also became the seventh state to surpass $15 billion in all-time handle since sports betting expanded beyond Nevada on a state-by-state basis in May 2018.

Familiar results for FanDuel and DraftKings

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As is the routine most months in Indiana, FanDuel took top honors for revenue among mobile sportsbooks, while DraftKings set the pace in handle. January marked another all-time state high for FanDuel, as the digital juggernaut walloped the public with a 14.6% hold — its best since reaching 15.3% in September 2022 — to claim $23.4 million from $159.6 million handle.

FanDuel has topped $20 million in back-to-back months and remains the only mobile book to surpass $20 million in monthly winnings. DraftKings, though, again came within shouting distance of that benchmark, as it collected $18.7 million in winnings while fashioning a 10.4% win rate against $179.8 million worth of wagers. DraftKings has posted eight-figure revenue totals in five consecutive months, its longest such streak in Indiana.

Though ESPN BET‘s gap between itself and third-place BetMGM swelled to more than $5 million for handle, it had enough to fend off Caesars for the fourth spot at more than $30.8 million. That accounted for 6.6% of the $465.3 million in online wagers, putting ESPN BET within touching distance of its first-year target of 7%.

The betting public pulled ESPN BET back into the pack, limiting it to a 4.6% hold and $1.4 million in revenue — down nearly 62% from December. The PENN Entertainment sportsbook has generated nearly $91.3 million handle over the past three months when including combined November figures with predecessor Barstool Sportsbook.

BetMGM surpassed $4 million in revenue for the first time since March, crafting an 11.3% hold from $36 million worth of bets to clear the benchmark by more than $57,000. Caesars had its first back-to-back months with more than $2 million in winnings since September and October of 2022 thanks to a 6.9% win rate that resulted in $2.1 million in profit from $29.6 million handle.

Bet365, which launched operations in the Hoosier State on Jan. 30, hit the ground running by accepting $1.1 million worth of bets in its first two days. It had a robust 27.8% hold to keep about $315,000 of that amount.

Retail wagering not the draw it once was

Indiana’s 14 retail sportsbooks started 2024 much like they ended 2023, with notable declines in year-over-year handle as Ohio and Kentucky bettors no longer need to cross state lines for action. The $15.2 million in accepted wagers was down 48% compared to January 2023, with sportsbooks along the state’s eastern border impacted by the Cincinnati Bengals failing to make the NFL playoffs.

Two brick-and-mortar venues, Ameristar in East Chicago and Belterra in Florence, posted combined losses of nearly $87,000. Ameristar had the bigger payout at $44,556, but Belterra had a minus-26.2% hold paying out $42,243 above its $161,000 handle.

The state’s two racinos and three Winners Circles off-track betting locations had a combined 11.3% hold, keeping nearly $531,000 in revenue from $4.7 million wagered. The overall retail win rate was 8.9%, as the house won close to $1.4 million.

A bright start for operators versus 2023

Handle was up 12.5% from the first month of 2023 in Indiana, while revenue soared 46.7% thanks to a hold that was 2.6 percentage points higher than the 8.5% crafted in the first month of last year.

Despite handle being down 4.5% compared to December, operators still had a 5.6% uptick in revenue.

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