Indiana Sees Worst Monthly Sports Betting Totals in 12 Months

The annual summer sports betting slowdown is officially on in the state of Indiana. The Indiana Gaming Commission June earnings report is out, and they revealed not only sharp month-over-month sports betting declines at the best sports betting sites but also year-over-year drops.

Retail sportsbooks and Indiana sports betting apps had their worst month since August in June and things could get worse. After all, Indiana's year-over-year handle has declined nine straight months thanks in part to the strength of Illinois' legal sports betting market, the emergence of Ohio since their legal sports betting launch Jan. 1, and with news that Kentucky is moving toward their own legal sports betting platform, which is aiming to go live in time for the NFL season.

Indiana's June sports betting handle 

Hoosier State sports bettors spent $224.1 million on Indiana sports betting and at their retail casinos in June. it is a healthy 21% drop from the $283.5 million in May, and a 16.8% year-over-year drop from the $256.3 million reported in June 2022.

With June's figures added in, Indiana's year-to-date sports betting handle is just a shade over $2 billion. While respectable, that figure is 11.5% lower than the $2.3 billion taken in by the state's sportsbooks over the same period last year. 

Indiana's year-to-date handle and the fact that total betting activity there has dropped nine straight months is an indication that the Hoosier State's legal sports betting days may just be behind them, and that their neighboring states are a true threat to Indiana’s sports betting bottom line.

Hoosier State revenues for June

Adjusted gross sports wagering revenue for the Indiana came in at $19.5 million for June, the first time since last June that revenues have dipped under the $20 million mark.

$19.5 million represents a steep 42% month-over-month drop from the $33.5 million in revenues reported in May, Surprisingly, revenues for Indiana legal sports betting providers were up 23.4% from June 2022's $15.65 million in profits.

It isn't just the drop in handle that has affected Indiana sportsbook revenues. Wild variations in the hold rate for retail and  Indiana sports betting apps has become a theme affecting the state's revenue figures.

June's win rate for Indiana sportsbooks was just 8.6%. That's down drastically from the 11.8% hold rate reported in May and the lowest hold in a year for the state's wagering providers. June 2022's hold rate was a miserable 6.1%, hence the year-over-year increase in Indiana sportsbook profits.

Lower revenue totals and hold rate led to Indiana state and local tax coffers benefitting to the tune of just $1.8 million in June, far from the $3.2 million collected in May.

DraftKings takes over handle crown

In the race to be the top Indiana sports betting apps, it was DraftKings that took over top spot in June. DraftKings Indiana took in $88.9 million during June but was second overall in earnings with $5.8 million in revenues, thanks to a rather poor 6.6% hold.

FanDuel, which had been Kings in Indiana, fell to second in terms of handle but remained on top of the mountain with respect to revenues. FanDuel Indiana was responsible for $69.7 million in bets in June, but thanks to a 12.1% hold, they made $8.4 million in revenue.

BetMGM Indiana was third in the race with $20.3 million in bets and $1.9 million in revenue, while Caesars Sportsbook Indiana rounded out the top four with $15.7 million in bets and just over $750,000 in revenue.

Bettors are also taking advantage of Indiana sportsbook promos.