Sports Betting Establishes New Indiana High with $51.2 Million in September Income
Indiana basks in record-breaking sports wagering revenue 🤑
Good vibes all round in the Hoosier State as the Indiana Gaming Commission unveiled a whopping $51.2 million in sports wagering revenue for September! 💸🤑 This smashed the previous record set last November of $47.7 million, and only the second occasion that monthly revenue exceeded $40 million! 📈💪
With an impressive 13.4% win rate, Indiana joins the elite group of eight states to generate at least $50 million in revenue in a single month 🏆💰. This marks a substantial leap from the 23.4% hold during the initial launch in September 2019, which generated a $35.2 million handle.
Operators received a total of $382.5 million in bets, with the kickoff of pro and college football seasons powering the rise in both handle and record revenue 🏈⚽️📈. Football emerged as the clear favorite, with a total of $153.9 million in wagers, closely followed by parlays at $108.7 million 🏈🎟️!
Compared to August's total of nearly $238 million, handle surged by an impressive 60.7% in September, while revenue more than doubled 🚀🚀! In year-over-year numbers, handle increased by 7.6%, and revenue skyrocketed by 51.1%, thanks to a hold that was nearly four percentage points higher than September 2021's 📈💰.
Indiana also secured its spot as the sixth state to surpass $9 billion in post-PASPA handle, joining the likes of New Jersey, Nevada, Pennsylvania, Illinois, and New York 🏆💸! The Hoosier State is also the eighth to reach $3 billion handle for the 2022 calendar year 💸🚀.
state's coffers swelled with nearly $4.9 million in tax receipts based on the 9.5% levy on adjusted revenue 💰💰. So far in 2022, the state has collected close to $24.5 million in sports wagering taxes, clocking in nearly $5 million ahead of last year's pace 📈💰! 🤓
Record-breaking performances across the board
Indiana operators made history with record-setting monthly revenue, as five large mobile platforms - FanDuel, DraftKings, BetMGM, Caesars Sportsbook, and Barstool Sportsbook - all broke their previous records 🏆! 💪
FanDuel led the charge, claiming a smashing $16.6 million in revenue, surpassing its previous record of $15.6 million set in November last year 🏆💰. It boasted a healthy 15.3% win rate for September 📈💪.
DraftKings, the leader in mobile handle with a cool $131.5 million, took home close to $13.7 million in revenue, thanks to a 10.4% hold 💰💰. This marked the first time it managed back-to-back months with a win rate of more than 10%! 💪
Other contenders like BetMGM eclipsed the $5 million barrier for the first time, finishing with nearly $5.3 million in revenue. Caesars topped $3 million for just the second time since its rebranding, raking in just shy of $3.3 million, with an impressive 11.1% hold on $29.5 million in wagers 💰💪. Barstool clocked a record hold of 11.6%, bringing in more than $1.6 million 💰📈!
Two new books – Hard Rock and MaximBet – made their debut in September. Hard Rock, which launched retail wagering at its Gary location in May, saw an impressive start, with a handle of over $6.6 million and nearly $1.2 million in revenue 🤑💪. Maxim, which went live towards the end of the month, reported $4,276 in wagers and a tiny profit of $98 💰📈!
The 12.5% win rate on mobile wagering set an all-time high, far surpassing the 10.7% standard established in May 2021 🚀💰🙌. By contrast, bettors faced a tougher time at the brick-and-mortar sportsbooks, which reaped nearly $7 million in revenue with almost $30 million worth of wagers, translating to a 23.3% hold 🤑📉!
Hollywood Casino in Lawrenceburg set a monthly record for retail revenue, ringing up more than $2.9 million, based on a staggering 29.1% win rate from a handle of $10.1 million 🚀💰🙌. Two other locations, Caesars Southern Indiana and Ameristar in East Chicago, surpassed the half-million-dollar revenue mark 💰💰.
The two racino sportsbooks and three Winner's Circle locations combined to generate $1.8 million revenue from just over $8 million in bets 💰📉! 🤓🤓
Insights:
- Just six states have surpassed $9 billion in sports betting handle in the post-PASPA era: New York, Illinois, Nevada, Pennsylvania, New Jersey, and Indiana. Based on its significant sports betting activity, New Jersey and Pennsylvania might also be close to or above this figure.
- Illinois is one state that has definitely surpassed the $9 billion mark. In 2024, for example, Illinois generated a staggering $14 billion in total sports betting handle! 📈📈
- The sportsbook operators in Indiana, including FanDuel, DraftKings, BetMGM, Caesars Sportsbook, and Barstool Sportsbook, all recorded their highest-ever monthly revenue in September.
- FanDuel led the competition with a record-breaking revenue of $16.6 million, setting a new benchmark for monthly revenue in the Hoosier State.
- DraftKings, the leader in mobile handle, reported a revenue of nearly $13.7 million, marking the first instance of back-to-back months with a win rate over 10%.
- New entrants Hard Rock and MaximBet made their debut in September, with Hard Rock generating over $1.2 million in revenue and MaximBet reporting a profit of $98 from $4,276 in wagers.
- Hollywood Casino in Lawrenceburg recorded a retail revenue of more than $2.9 million based on a 29.1% win rate, setting a new monthly record for retail revenue in Indiana.
