Indiana Sports Betting Closes 2023 with Record-Breaking Performance

The month not only capped off the state’s most lucrative year since the inception of sports betting in 2019 but also recorded one of the highest monthly handles in the state’s history.

Robust Monthly and Annual Handles

Indiana sportsbooks managed an impressive handle of $503.1 million in December, the second-highest since the market’s launch. Despite being $10.5 million short of the record set in November, it remains a noteworthy achievement as it’s only the third time the handle has surpassed $500 million.

The year 2023 has been exceptional for Indiana’s sports betting sector. The annual total reached over $4.3 billion in wagers, setting a new benchmark for the state. The breakdown of these figures includes:

• Total Bets Placed: $4,337,758,694
• Taxable Revenue: $404,102,597
• Taxes for Indiana: $38,615,367

December’s Performance in Context

Despite a 2% drop in handle from November to December, December’s results are still significant.

The slight decline in handle was more than compensated by a remarkable 64.7% month-over-month spike in revenue, with operators earning $50.6 million.

This profitability also benefited the state, with $4.8 million in taxes paid in December, a 64.7% increase from November.

Our Comment on the Article

The 2023 performance of Indiana’s sports betting market is a clear indicator of the robustness and maturity of this burgeoning industry. The record-breaking yearly totals, coupled with a resilient December performance, demonstrate the market’s capacity for sustained growth and adaptability.

This achievement bodes well for the future, indicating a healthy and thriving market. The ability of operators to generate increased revenue, even with a slight decline in handle, showcases an efficient and profitable market model. As the industry continues to evolve, it will be fascinating to see how Indiana’s sports betting market adapts and grows, potentially setting new records in the years to come.