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In November, the sports betting market in Indiana hit a record-breaking $614.3 million in handle.- This 14% increase over October’s $537.9 million highlights the industry’s robust growth. The revenue shattered the $500 million barrier earlier this year.
The adjusted income for November was an astounding $68.5 million, nearly twice as much as the $35 million for October, according to the Indiana Gaming Commission. In comparison to 2023, there has been a phenomenal 123% increase in income and a 20% increase in handle year over year.
November’s results were bolstered by a significant rebound in hold percentage. Sportsbooks retained about 11% of wagers, up from October’s bettor-friendly 6.5%. This improvement not only boosted operators’ revenue but also the state’s tax collections, which climbed to $6.5 million in November from $3.3 million the previous month.
Indiana’s sports betting market remains top-heavy, with FanDuel and DraftKings leading the pack. Both operators saw handle surpassing $200 million each, accounting for more than half of the state’s total.
Though FanDuel edged out DraftKings in total handle, the latter generated $2 million more in revenue. These two giants far outpaced other operators, with BetMGM securing third place at $47.6 million in handle.
While football usually dominates sports betting, Indiana saw a unique trend in November 2023. Basketball wagers rivaled football’s popularity, reflecting local fan enthusiasm.
Basketball supplied 25% of the overall handling, while football made up little under 30%. But parlays took center stage, accounting for 33% of all bets in November and generating substantial profits for bookmakers.
With $2.9 million in handle and $383,000 in adjusted revenue, Hollywood Casino in Lawrenceburg was the top retail location. In action, no other retail sportsbook in the state was able to reach $3 million.
The sports betting industry in Indiana is still thriving and is setting records for handle and revenue. The Hoosier State maintains its position as a major participant in the U.S. gaming market thanks to growing involvement and a wide range of betting preferences.