Record-breaking March for Indiana's sports betting industry, exceeding $500 million in total wagers
Indiana Sports Betting Market Reaches New Heights in March
Indiana's sports betting market saw a significant surge in March, with a total handle of $500.8 million, marking a 22.5% increase compared to February. This impressive growth propelled the state to become the seventh to surpass $16 billion in all-time handle in the post-PASPA era.
Leading the pack was BetMGM, which held the highest revenue position in March. The company reported a handle of $42.3 million, its highest since November 2022, and a win rate of 6.1%. This resulted in $2.5 million in revenue for the month.
FanDuel, which has led mobile operators in revenue for the past four consecutive months, was close behind, with a handle of $4.7 million and a win rate of 6.7%. Although FanDuel's revenue of $316,533 was less than $273,000 short of BetMGM's, it maintained its strong position in the market. DraftKings ranked third, with a handle of $20.1 million and a win rate of 6.7%, resulting in $1.4 million in revenue.
The month of March also saw the debut of Fanatics Sportsbook, which reported a handle of $12.5 million and a win rate of 6.1%. This first full month in Indiana yielded $759,438 in revenue for the newcomer.
ESPN BET and Caesars also entered the fray, with ESPN BET reporting a handle of $21.2 million and a win rate of 5.3%, resulting in $1.1 million in revenue, and Caesars reporting a handle of $27.4 million and a win rate of 5.3%, resulting in $1.5 million in revenue.
Hard Rock Bet and bet365 rounded out the list, with Hard Rock Bet reporting a handle of $7.9 million and a win rate of 4.1%, winning $324,006, and bet365 reporting a handle of $20.1 million and a win rate of 6.7%, resulting in $1.4 million in revenue.
In the retail sportsbook scene, Indiana's retail sportsbooks won nearly $1.7 million from a handle of $15.3 million, resulting in a 10.9% hold.
The strong performance of the sports betting market in Indiana translated into significant revenue. The total sports betting revenue for March was $39.4 million, albeit a 8% decrease from 12 months prior. The impressive operator revenue through the first three months of 2024 stands at $130.9 million, up 22.3% year-over-year.
The growth in the sports betting market also contributed to increased tax revenue for the state. Indiana received $3.7 million in taxes for the month.
With the promising numbers in March, it's clear that the sports betting market in Indiana continues to thrive, offering exciting opportunities for both operators and bettors alike.
