Indiana Shatters Sports Betting Records Amid Operator Revenue Challenges

Record-Breaking Handle

The Hoosier State witnessed a staggering $513.7 million in sports bets during November, surpassing the previous record set in January 2022.

This remarkable achievement was partly fueled by the newly launched ESPN BET, which significantly contributed to the handle, setting a new high for PENN Entertainment in the state.

The mobile betting handle reached an unprecedented $496.8 million. Particularly noteworthy was the parlay betting segment, where bettors staked a record $169.8 million, making up over a third of the total handle. This year’s parlay handle in Indiana is nearing last year’s total, reflecting a growing trend in this type of betting.

Competition from Neighboring States

Despite the competition from Kentucky’s new sports betting platform and Ohio’s digital betting presence, Indiana demonstrated resilience. The state saw a significant rebound in November, following a year-over-year decline in October.

While betting action increased, it did not correspond to a proportional rise in operator revenue. The adjusted gross revenue for operators was over $30.7 million, though this figure includes significant monthly adjustments. Notably, Blue Chip Casino accounted for a large part of these adjustments.

Operators faced a sub-6% hold on sports betting revenue, the lowest since February 2022. Despite this, the state accrued $2.9 million in taxes, contributing to a year-to-date total that surpasses last year’s figures.

FanDuel and DraftKings, two major players in the market, experienced mixed fortunes. FanDuel, despite its highest handle in Indiana, saw a significant drop in revenue, while DraftKings claimed the top revenue spot, also achieving an all-time high in accepted wagers for the state.

Our Comment on the Article

Indiana’s record sports betting handle in November is a tale of contrasts. It highlights the state’s capacity to attract significant betting volumes, even in the face of stiff competition from neighboring states.

However, the low hold for operators underscores the unpredictability and competitive nature of the sports betting industry. This scenario poses interesting questions for the future:

How will Indiana’s market adapt to the evolving landscape? And what strategies will operators employ to maintain profitability amidst fluctuating win rates? The answer to these questions will shape the trajectory of Indiana’s sports wagering scene in the coming years.