Indiana Follows National Sports Betting Pattern in May

Indiana sports betting numbers for May were released, and it showed a similar pattern as other states.

Dave Bonderoff

Last updated: June 13, 2023 3:56 PM EDT • 3 min read

Only a few legal sports betting states have reported their May figures, but a trend has started to emerge. Despite lower month-over-month sports betting handles in May, participating jurisdictions, including Hoosier States’ sports betting provider profits saw an increase from April, thanks to an increase in hold rate.

Year-over-year numbers for Indiana sports betting are also a mixed bag. The May 2023 handle is less than May 2022, but revenues, and hold, just like the month-over-month figures revealed a slight uptick for online sports betting sites.

Overall, May's Indiana sports betting numbers further support the notion of Ohio's emergence and that state’s negative effect on the Indiana market. Year-over-year handles have dropped in the Indiana market every month since Ohio sports betting launched in January.

May sports betting numbers

The Indiana Gaming Commission joined regulators from a number of U.S. legal sports betting states on Monday in releasing their May revenue figures. They identified a May sports betting handle of $283.4 million, a nearly $38 million drop from the $321.4 million in April.

Year-over-year, the May 2023 sports betting handle of about $25 million less than the $308.4 million from May 2022.

In terms of revenues, Indiana’s best sportsbooks had a respectable month of May. Sportsbook profits came in at $33.54 million, thanks to an 11.8% hold - the highest hold rate since 13.2% in September. It represents nearly a $4.2 million increase in revenues from April's $29.35 million and a just-over $1.5 million increase from the state's sportsbook profits from May 2022.

For reference’s sake, the hold rate in May 2022 was 10.4% and just 9.1% last month. Always check on the latest Indiana sportsbook promos to maximize your betting experience.

FanDuel beats out DraftKings again

Indiana has provided a back-and-forth battleground for America's two biggest sports betting providers; in Indiana it's FanDuel vs DraftKings.

In May, it was FanDuel that came out on top of the battle with Indiana’s best sports betting apps. It was the second straight month that FanDuel beat out its rival DraftKings. FanDuel accounted for $96.2 million of Indiana’s overall $283.4 million May sports betting handle. DraftKings finished a close second with $93.8 million in bets taken in.

BetMGM came in third with almost $26 million in bets, while Caesars rounded out the top four with $23.7 million in bets. BetRivers was fifth with $8.4 million in bets during May, Barstool Sportsbook finished sixth with $6.8 million, and Hard Rock Sportsbook secured seventh with $5.2 million.

PointsBet ($5.1 million) and WynnBET ($2 million) were the only other two sportsbooks to hit seven-figures in the Indiana market during May.

Bracing for further slowdowns

The Indiana legal sports betting market is bracing for a tough few months ahead. The sports betting drop-off during the summer months has been evident in the Hoosier State in years past, and the presence of Ohio is definitely affecting the state’s bottom line. Year-over-year handle has slipped every month since Ohio’s legal sports betting platform went live five months ago.

Has the Indiana legal sports betting market peaked? Will Hoosier State providers ever approach the record $500.1 million- mark they saw in January 2022? It remains to be seen, but all indications point to Indiana’s legal sports betting scene possibly being past its hay-day.

Written By:
Dave Bonderoff

Dave Bonderoff and betting go hand-in-hand. Both are characterized by "odds". Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn't found a sport yet that can't contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.