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Indiana Fever guard Caitlin Clark (22) signs autographs for fans as we look at the Indiana sports betting revenue report for May.
Indiana Fever guard Caitlin Clark (22) signs autographs for fans on May 9, 2024, after the preseason game against the Atlanta Dream at Gainbridge Fieldhouse in Indianapolis. Photo by Grace Hollars / IndyStar via Imagn.

The best sports betting sites in Indiana benefitted from Caitlin Clark mania and the Indiana Pacers’ playoff run in May and saw wagering surge year-over-year.

Indiana sports betting apps and the state’s retail providers can thank basketball for the bulk of the overall wagering activity in May. Still, the monthly handle represented the lowest total so far this year, even with basketball bets surging 36% year-over-year, according to the Indiana Gaming Commission May report.

Once again, it was DraftKings and FanDuel - two of our best sportsbooks - that led the way for Indiana sports betting in May. No other sportsbook even came close to what the top two were able to accomplish.

Indiana records $361.1 million in May

Indiana sports bettors spent a total of $361.1 million with state providers, $97.2 million of which came from basketball wagers. May’s handle is a 27.6% year-over-year improvement from the $287.2 million in 2023, but it represented a 8.2% month-over-month drop from the nearly $393.9 million in April. 

Of that $361.1 million figure, $351.7 million came from the state's best sports betting apps. Retail providers were responsible for the rest.

Despite the year-over-year increase, that $361.1 million revenue still represents the lowest monthly sports wagering total of 2024 for the Hoosier State, even with Indiana sportsbook promos enticing new customers during the NBA playoffs and start of the WNBA season.

As mentioned, Clark’s debut season with the WNBA’s Indiana Fever and the Pacers’ deep run into the NBA playoffs greatly aided the Hoosier State’s legal sports betting scene. Bettors wagered $97.2 million on hoops during the month, which was a $25.5 million year-over-year increase from 2023 - good for a 36% bump.

$39 million in adjusted gross revenue for Indiana

Indiana’s best sportsbooks benefitted to the tune of $39 million in adjusted gross revenue in May. That marks a 15.4% year-over-year improvement from the $33.5 million from May 2023 and is 5.1% higher than the April total.

Year-to-date, Indiana sportsbooks have reported $206.9 million in sportsbook revenue - 21.6% better than through the first five months of 2023.

The May hold rate for Indiana sportsbooks came in at 10.8%, which is an jump from April’s 9.9% and May 2023’s 11.8%.

A total of $3.7 million in taxes was paid by Indiana’s best sportsbooks to needy state and local coffers in May, taking the yearly total to $19.7 million. That is $3.3 million more than was generated from January through the end of May of last year.

FanDuel and DraftKings each notch a win in Indiana market

FanDuel and DraftKings each prevailed in one of the two main measuring metrics in the monthly Indiana sports betting report: DraftKings topped the state in handle, while FanDuel was the best revenue producer.

DraftKings accepted $132.7 million in wagers in May and reported $12.6 million in revenues, thanks to a 9.5% win rate.

FanDuel was second in terms of handle with $112.1 million in bets in May, but thanks to a 14.1% hold rate, it was able to top revenues with $15.8 million in profits. Its revenues were up month-over-month despite a decline in handle.

BetMGM finished an easy third with a $31.2 million handle in Indiana and $2.5 million in revenue off oa 7.9% win rate. ESPN BET was fourth in terms of revenue with a $14.4 million handle and $1.5 million in revenue. bet365 rounded out the top five with $16.5 million in bets last month and nearly $1.4 million in revenue.

Caesars checked in sixth with $19.2 million in bets and $1.3 million in revenues off a disappointing 6.6% hold. Fanatics, Hard Rock, BetRivers, and Bally Bet completed the order of finish - none reported $1 million in monthly revenues.