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Indianapolis Colts fans cheer during a game against the Pittsburgh Steelers at Lucas Oil Stadium as we look at the Indiana March sports betting report.
Indianapolis Colts fans cheer during a game against the Pittsburgh Steelers at Lucas Oil Stadium. Photo by Justin Casterline/Getty Images/AFP.

Indiana sports betting apps and the best sportsbooks can thank the Purdue Boilermakers and the NCAA Men's and Women's basketball tournaments for a strong March.

The Indiana Gaming Commission's March report is out, and it revealed an impressive month-over-month and year-over-year spike in monthly sports wagering activity.

March was the fourth time in the state's 55 months of sports betting legalization that its overall handle topped $500 million. Indiana also became the seventh state to surpass the lifetime $16-billion handle in March.

$500.8 million March handle

Indiana sports bettors came out in droves during March while using betting sites. A total of $500.8 million in accepted bets was reported for Hoosier State sportsbooks. $485.4 million of that came from Indiana sports betting sites.

$500.8 million is a 22.5% month-over-month increase in sports betting activity from February's $408.7 million. It's also a 15.6% spike from $433.7 million in March 2023.

Basketball expectedly did its part through the best sports betting apps for the hoops-crazed state's sports wagering scene.

$39.4 million in March revenues

Indiana sportsbook profits slightly disappointed in March. Despite the fourth-best handle ever, gross gaming revenues didn't reflect the overall wagering activity in the state. A 7.9% hold was the main contributor to that.

$39.4 million in gross gaming revenue was reported for March. That's an 8% year-over-year decline from the $43.7 million in March 2023, when a 10.1% win rate was reported. However, it's a nearly $2 million month-over-month improvement from $37.6 million in February.

Year-to-date, $130.9 million in sportsbook revenues have been produced for Indiana sports betting apps. That's a 22.3% year-over-year increase from the first three months of 2023.

Indiana's best sportsbooks paid $3.7 million in taxes during March. That takes the total for the year to $12.4 million, $2.4 million ahead of the 2023 pace.

Split decision for FanDuel and DraftKings

The two U.S. sports betting behemoths battled once again to be the most popular Indiana sports betting app. DraftKings Indiana took in the most bets, and FanDuel Indiana reported the most revenue.

DraftKings made up $184.3 million of the state's handle in March. But it reeled in just $13.6 million in revenue thanks to an underwhelming 7.4% win rate. FanDuel generated $13.9 million in revenues from $153.2 million in accepted wagers. That book produced a 9.1% win rate.

BetMGM Indiana enjoyed its first $40-million handle month in the Indiana market since last March. It accepted $42.3 million in wagers during March while collecting $2.6 million in revenues off a poor 6.1% win rate.

Caesars Indiana totaled $24.7 million in bets and $1.5 million in revenue, with ESPN BET Indiana rounding out the top five with $21.1 million in wagers and $1.1 million in profits.

Fanatics logged its first full month in the Indiana market while claiming $760,000 in winnings off of $12.5 million in bets. That was right behind bet365, which took in $20.1 million in wagers and made $1.4 million in profits.

Indiana's brick-and-mortar facilities bounced back from just $360K in revenues during February to claim $1.7 million in winnings during March off of a 10.9% hold. That was the best win rate for Indiana facilities in 2024.