Mixed Bag Results For Indiana's Legal Sports Betting in October
Our best sports betting apps in Indiana — and the state’s retail providers — have been affected by the recent openings and successes of wagering platforms in neighbouring states like few other jurisdictions in the country.
Ohio and Kentucky have been eating into the overall activity of the Indiana sports betting scene, demonstrated by the latest sports betting monthly report from the Indiana Gaming Commission.
That report showed an expected month-over-month increase in betting activity in Indiana but what is becoming an all-too-familiar year-over-year drop in sports bets and revenues for the Hoosier state's sports betting providers.
Handle up month-over-month but down year-over-year
Indiana bettors spent $429.7 million in October, some of whom took advantage of Indiana sportsbook promos. That number represents about a $25 million month-over-month improvement from the $404.14 million taken in by providers in September but is 3.7% lower than the $446.25 million reported in October 2022. October 2021 also outperformed October 2023 in terms of overall handle.
Despite the seemingly unflattering news for the Indiana legal sports betting scene, including some Indiana sports betting apps, October's handle still sits in the state's Top-10 most successful sports betting months of all time.
The breakdown of sports that bettors wagered on is as follows
- Football $153,314,373.13
- Basketball $38,339,867.46
- Baseball $27,422,147.12
- Parlay $142,285,068.40
- Other $67,983,041.67
Revenues follow a similar pattern
Revenues for Indiana's sports betting industry followed a similar pattern as the overall wagering activity — a slight bump month-over-month with a slight dip year-over-year.
Ohio and Kentucky's emergence cannot be understated when comparing Indiana’s October handle to last year’s.
Indiana sportsbooks are reporting $45.2 million in adjusted gross revenue for October. It is about a $4.5 million improvement from $40.6 million from September but is down 3.6% year-over-year from October 2022, when providers in the Hoosier State made just under $46.4 million.
The $45.2 still, despite outside challenges, was the fourth-best revenue month for Indiana sportsbooks ever.
The state's providers paid just under $4.3 million in taxes off of their adjusted gross October income. Year-to-date, tax coffers in the state have benefitted to the tune of $30.9 million.
Split decision in Indiana sports betting apps competition
The battle between DraftKings Indiana and FanDuel Indiana continues to be a close race, with each of Indiana's two best sportsbooks claiming the top spot in the two main metrics.
DraftKings won the handle battle with over $170 million in October bets. A 10.3% October hold led the company to second among Indiana sportsbooks in October revenues with $17.5 million.
FanDuel finished second concerning total bets in Indiana in October with a $146.4 million handle. Thanks to a 12.4% hold, FanDuel Indiana led the way with $18.1 million in revenues. The $18.1 million was the third-best revenue total for any Indiana sportsbook all-time.
BetMGM Indiana rounded out the top 3 with $35.9 million in October wagers and just north of $3.7 million in revenues. Its year-to-date handle is down a troubling 28.1% over the same period last year.
