Indiana Sports Betting Activity Drops Month-Over-Month While bet365 Makes a Splash

Indiana is the latest state to report a post-NFL drop in legal sports betting activity throughout the 29-day February wagering period, including dips for some of our best sports betting apps.

According to the Indiana Gaming Commission February earnings report, the Hoosier State saw expected double-digit drops in overall sports betting activity in February. However, year-over-year numbers paint a picture of a healthy wagering scene in Indiana.

The year-to-date numbers from Indiana sports betting apps and the state's retail sports wagering sector demonstrate the industry's strength as we head into the state's bread-and-butter March Madness tournament.

$408.7 million February handle

Indiana sports betting sites accepted $408.7 million in wagers in February, the lowest total since September. However, February did represent the sixth straight month of $400 million-plus handles for state providers.

The $408.7 million is a 15% month-over-month drop from nearly $480.6 million in January but a 14.7% year-over-year improvement from almost $356.2 million in February 2023.

Indiana sports betting apps made up $398 million of February's total legal sports betting handle, with retail contributing just over $10 million to last month’s total wagering haul.

Total sports betting activity in the Hoosier State for 2024 stood at $880.2 million after the first two months of 2024. That's up from $783.34 million through the first two months of 2023. Residents have had plenty of Indiana sportsbook promos to take advantage of.

$38 million in revenue

According to Indiana Gaming Commission figures, February's sports wagering handle resulted in nearly $38 million in adjusted gross sports betting revenue.

That figure represents a healthy 29% month-over-month drop from the $53.5 million from January but is a 37.2% year-over-year improvement from the almost $28.1 million profits haul from February 2023.

The February hold rate for Indiana sports betting sites was 9.4%, a sharp drop from the 11.1% win rate posted in January. Retail outlets in the state dragged the overall hold rate down. Brick-and-mortar facilities reported a 3.4% win rate in February, with five casinos posting revenue losses.

Revenues are up 42.6% over the same period last year through the first two months of 2024. The state's adjusted gross revenue resulted in $3.6 million in taxes in February, taking the year-to-date total tax contributions to $8.7 million.

DraftKings rules but bet365 emerges

For the ninth straight month, DraftKings won the battle to be the most popular Indiana sports betting app in February. Last month, it accepted $152.3 million in wagers in the Hoosier State but fell just short of FanDuel in monthly revenues.

DraftKings Indiana reported nearly $13.5 million in revenues in February off of an 8.9% hold.

FanDuel Indiana was second in terms of monthly handle in the Indiana market with $126 million in accepted wagers but topped revenues with $13.7 million in February profits from a 10.9% hold.

BetMGM Indiana came in third with a $30.7 million February handle and $3.2 million in revenues, based on a 10.5% hold.

It was fourth place for Caesars Sportsbook Indiana in February with $22 million in wagers, but it finished sixth in revenues with $1.3 million off of a disappointing 6% hold.

bet365 Indiana didn’t make many headlines regarding revenues in the Hoosier State, but it finished fourth with a respectable $2.6 million in revenues, thanks to a 13.4% hold rate. The England-based book took in $21.1 million in bets last month.

ESPN BET had a rough month in the Indiana market. Not only did its handle fall 30% month-over-month, but a 5.2% win rate held the sportsbook to just $1.1 million in revenue. Its market share in Indiana was just 5.4%, nowhere near the targeted 7% share ESPN BET has for its first year of operation.

Betway Indiana rounded out the top six with just $431,000 in wagers accepted in February and a monthly revenue loss of $16,000.