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

Indiana has reported its sports betting financials for February 2024, and like most states the results are mixed.

James Bisson

Last updated: September 11, 2024 2:56 PM EDT • 3 min read

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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.

Written By:
James Bisson

James Bisson is the Head of Content, Betting of Sportsbook Review. He has been a writer, reporter and editor for more than 20 years, including a nine-year stint with The Canadian Press and more than five years at theScore. He has covered dozens of marquee events including the 2010 Winter Olympics, the 2006 Stanley Cup final and Wrestlemania 23, and his work has appeared in more than 200 publications, including the Los Angeles Times, the Guardian, Yahoo! Sports, the Toronto Star and The Globe and Mail. His book, “100 Greatest Canadian Sports Moments”, was a hardcover best-seller in Canada in 2008 and earned him appearances on CBC Radio and Canada AM. He has written more than 50 sportsbook reviews, more than 200 industry news articles and dozens of other sportsbook-related content articles. A graduate of the broadcast journalism program at Ryerson University (now Toronto Metropolitan University), James has been an avid bettor since the early 2000s, and cites bet365 as his favorite sports betting site due to its superior functionality and quick payouts. His favorite piece of sports betting advice: "Stay in your lane. You're much more likely to have success betting sports you know, and focusing on finding angles and edges there."