Indiana Sportsbooks Report Year-Over-Year Increases But Month-Over-Month Decreases

In July, the annual summer sports slowdown for our best sports betting sites continued in Indiana.

But, according to the Indiana Gaming Commission July revenue report released Monday, sportsbook handle and revenue figures for the Hoosier State in July didn’t slip as much as has been seen in the handful of jurisdictions. Revenues for the Indiana sports betting market were buoyed by an 11.1% hold rate, the third straight month of double-digit win rates in the state.

The battle to be the best of the Indiana sports betting apps came to a split decision. FanDuel was tops in July revenues for the state, while DraftKings accepted the most bets last month.

July handle

Indiana’s overall sports betting activity slipped under $300 million for the second straight month in July, despite the fact that there are plenty of Indiana sportsbook promos for residents to take advantage of.

Only $261.1 million in wagers were accepted by Indiana sports betting apps and the state’s retail providers during the month. It is a 12.4% month-over-month decline from the nearly $298.2 million wagered in June. 

However, it is a 28.1% year-over-year increase from last July.

Last month’s totals took Indiana’s year-to-date handle to just slightly over $2.7 billion.

Adjusted sports betting revenue

Indiana’s best sportsbooks reported $29 million in adjusted sports betting revenue in July. The figure represents a 24.9% year-over-year increase.

However, an 11.1% win rate mitigated month-over-month declines for Indiana sportsbook sites and the state’s retail providers. It was just 4.5% less than in June when the hold rate was 10.2%.

The Indiana legal sports betting industry is on a roll so far this year. Through the first seven months of 2024, $266.5 million in revenues have been reported. That is a 25.2% year-over-year improvement from the same period last year.

Indiana sports betting sites paid out $2.8 million in taxes for needy state and local coffers. That number took the year-to-date total to $25.3 million, $4.9 million ahead of last year's first seven months.

FanDuel and DraftKings each report a win

The Indiana sports betting market was dominated, as per usual, by DraftKings and FanDuel, each of which prevailed in one of the two main monthly measuring categories. FanDuel was best in revenues with $10.5 million in winnings while DraftKings topped the handle battle with $94.4 million.

FanDuel was $16.4 million behind DraftKings in handle but about $500K ahead in revenues. 

FanDuel benefitted from a 13.5% hold while DraftKings reported a 10.7% July win rate.

BetMGM finished a familiar third in the Indiana sports betting scene and reported a $25.4 million handle with $2.5 million in winnings. Caesars was next with $1.7 million in revenue while bet365 rounded out the Top-5 with $13.1 million in bets and $1.2 million in winnings.

Fanatics had a respectable month and finished sixth thanks to $10.7 million in July wagers and $1.16 million in revenue. 

In a disappointing month, ESPN BET, BetRivers, Hard Rock Bet, and Bally’s trailed far behind.