The Indiana Gaming Commission reported $500.8 million in sports betting handle for March on Friday, marking just the fourth time in 55 months the Hoosier State has surpassed one-half billion dollars worth of wagers.
More than $485.4 million worth of wagers were placed via sports betting apps as year-over-year handle increased 15.6%, aided by the Purdue Boilermakers making their first Final Four since 1969. They were the only team from the state in the men’s NCAA Tournament, while Indiana and Notre Dame both reached the regional semifinals on the women’s side after hosting first- and second-round games.
Handle was also up 22.5% compared to the $408.7 million in bets placed in February.
Sports betting revenue for March totaled $39.4 million, down 8% from 12 months prior, and included $1.5 million worth of adjustments in operators’ favor. The 7.9% hold was one-tenth of a percentage point higher compared to 2023 as the state received $3.7 million in taxes for the month.
The $130.9 million in operator revenue through the first three months of 2024 is up 22.3% year-over-year, with the $12.4 million in tax receipts being an increase of $2.1 million compared to the opening quarter of last year.
Indiana also became the seventh state to surpass $16 billion in all-time handle in the post-PASPA era.
FanDuel ekes out another narrow revenue win
Running MARCH Top 10 #SportsBetting handles by state:
1 New York $1.85B
2 Maryland $536.7M
3 INDIANA $500.8M
4 Tennessee ~$472M
5 Iowa $272.4M
6 Kansas $252.9M
7 Oregon $69.4M
8 West Va $52.1M
9 Maine $47.6M
10 Montana $6.59M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) April 12, 2024
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Though FanDuel led all mobile operators in revenue for the fourth consecutive month, it was the second time the gap between itself and eternal rival DraftKings was less than $273,000 for the top spot. FanDuel collected $13.9 million in winnings, fashioning a 9.1% hold against a $153.2 million handle.
DraftKings took top honors for handle at $184.3 million — the second-highest total in Indiana history behind its $188 million worth of wagers last November — but a 7.4% win rate resulted in $13.6 million in operator winnings. FanDuel has won $5 million more than DraftKings through the first three months of 2024 in Indiana despite DraftKings accepting $77.6 million more in wagers.
BetMGM‘s handle of $42.3 million was its highest since accepting $44.4 million worth of bets in November 2022 and marked the first time it was over $40 million since March 2023. BetMGM’s 6.1% win rate, however, was its second-lowest in the Hoosier State — more than five percentage points lower than March 2023 — as its winnings totaled $2.6 million.
Both Caesars and ESPN BET managed 5.3% holds for March, with the former claiming $1.5 million in revenue from $27.4 million handle and the latter $1.1 million off $21.2 million worth of bets.
ESPN BET also has a fight on its hands to stay in the top five for handle with bet365, which came within $1.1 million of taking that spot. The England-based mobile sportsbook bested its PENN Entertainment counterpart for revenue in March, fashioning a 6.7% hold from $20.1 million worth of wagers to win $1.4 million.
The first full month for Fanatics Sportsbook in Indiana was a solid one. The $12.5 million handle was the seventh-highest in the Hoosier State when including predecessor PointsBet and just the second in the last 15 months to top $10 million. Fanatics, which entered the marketplace Feb. 27, notched a 6.1% hold in winning $759,438.
Hard Rock Bet‘s $7.9 million handle was its second-largest in 19 months of availability, trailing the $8.8 million in bets accepted in October 2022, but a 4.1% hold meant it won $324,006. Hard Rock Bet also surpassed $100 million in all-time handle with its March action.
Bally Bet had claimed $316,533 in revenue from a $4.7 million handle, posting all-time monthly highs in both categories while attaining a 6.7% win rate.
Betway had its best month since January 2022, notching a 7.4% hold in winning $61,399 out of the $824,956 wagered.
A brick-and-mortar bounce-back
After being limited to $360,210 in February revenue, Indiana’s retail sportsbooks made nearly five times that amount in March. The 14 venues won $1.7 million from $15.3 million in handle, with the 10.9% hold marking a high point for 2024 thus far.
Ameristar Casino, which bucked the trend in February with a 12.4% win rate, routed the public more emphatically in March with a 17.7% hold in winning $387,551 from $2.2 million wagered. Fellow Northwest Indiana property Horseshoe Hammond had a positive revenue swing of nearly $446,000 from February to March, winning $291,659 from a $2 million handle, crafting a 14.4% hold.
The state’s two racino sportsbooks and three Winner’s Circle locations generated a combined $508,909 in revenue from $4.7 million in handle, resulting in a 10.8% hold. The five locations have had a collective double-digit win rate in six of the last nine months.
