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Gardner Minshew of the Indianapolis Colts reacts after the game against the Las Vegas Raiders at Lucas Oil Stadium as we look at our Texans-Colts NFL player prop picks.
Gardner Minshew of the Indianapolis Colts reacts after the game against the Las Vegas Raiders at Lucas Oil Stadium. Photo by Dylan Buell/Getty Images/AFP.

Indiana sports betting apps and retail providers saw a drop in month-over-month wagering activity in January but were able to set a new revenue record along the way.

A limited NFL schedule during the month was the main driver of the slight downturn in overall activity for the best sports betting sites in the Hoosier State.

Yet the sixth-highest sportsbook hold rate since the launch of Indiana sports betting in May 2018 helped state’s best sportsbooks to a new high-water mark in terms of revenues and tax contributions to the state, according to the Indiana Gaming Report January report.

Nearly $500 million in January handle for Indiana

A total of $480.6 million in accepted wagers was reported by Indiana's best sports betting apps in January. That's just under $23 million or a 4.5% month-over-month drop from the $503.1 million from December and snaps a two-month streak of $500 million monthly handles for the state.

Sports betting activity in the Hoosier State actually showed a healthy year-over-year increase in January, as Indiana enjoyed a 12.5% increase from the $427.2 million reported in January 2023.

With the help of Indiana sportsbook promos during the NFL playoffs, the state's lifetime sports wagering handle surpassed $15 billion in January, making the Hoosier State the seventh to hit that milestone mark.

New revenue record for Indiana sportsbooks

Indiana sportsbooks enjoyed a record revenue month in January despite the slight dip in month-over-month handle. The state's $53.5 million in adjusted gross revenue in January was roughly $2.3 million better than the previous record of $51.2 million in revenues set in September 2022.

January's $53.5 million is a month-over-month improvement of about $2.9 million, or 5.6%, from the $50.6 million recorded in December. It's also just under $18 million, or 46%, better than the revenue totals from January 2023.

For the first time ever, Indiana monthly revenue totals have eclipsed $50 million in consecutive months. The main reason for the January revenue spike was the 11.1% hold rate for Indiana's best sportsbooks, the sixth-best win rate ever for Hoosier State providers.

It all led to a new record tax contribution total from Indiana sports wagering providers, as $5.1 million in tax revenue flowed into Indiana state and local tax coffers - the first time that total has surpassed $5 million in a given month.

FanDuel, DraftKings split handle and revenue race in January

It was a predictable battle between FanDuel Indiana and DraftKings Indiana to become the most popular Indiana sports betting site. DraftKings produced the top handle, while FanDuel led all state providers in terms of revenues.

DraftKings Indiana won the handle battle with $179.8 million in accepted bets in January. It finished second with $18.7 million in winnings off a 10.4% hold rate.

FanDuel was able to win the battle for revenues thanks to a whopping 15.3% hold. It earned $23.4 million off a $159.6 million handle, setting a new revenue record for the Indiana sportsbook in a given month.

BetMGM finished third in the Indiana sports betting apps market with $36 million in wagers in January. ESPN BET was next with a $30.8 million January handle in the Hoosier State and crept up to a 6.6% market share, just shy of its first-year target of 7%.