Sports betting establishments in Indiana generate a new record with $51.2 million in revenue during September.
Indiana's Sports Wagering Racks Up Record-Breaking Revenue
Got your attention, sports fans? The Indiana Gaming Commission dropped a bomb last week, reporting a whopping $51.2 million in sports wagering revenue for September. That's right, you heard it here first - this is a new all-time record for the Hoosier State!
September surpassed the previous record of $47.7 million set in November 2020, and Indiana has become the eighth state to generate at least $50 million in monthly revenue since the post-PASPA era began. The state's 13.4% win rate for September is also a record-breaker, trailing only the 23.4% hold from the September 2019 launch when it was still a retail-only operation.
Operators accepted a total of $382.5 million worth of wagers in September, with the start of pro and college football seasons providing the catalyst for the surge in both handle and record revenue. Football led the way with $153.9 million in wagers, followed closely by parlays at $108.7 million.
The 60.7% surge in handle compared to August's total of nearly $238 million, and revenue more than doubling, are mind-blowing figures! When it comes to year-over-year numbers, handle increased by 7.6%, and revenue was 51.1% higher thanks to a hold that was nearly four full percentage points above the September 2021 hold of 9.5%.
Not only is Indiana reaching new heights in terms of revenue, but it's also strengthening its position among the top states for sports betting. Currently, Indiana is one of six states to surpass the $9 billion post-PASPA handle, and it's the eighth to reach the $3 billion handle for the 2022 calendar year.
And get this, Indiana's coffers received nearly $4.9 million from operators in September alone, based on the 9.5% levy on adjusted revenue. The state has collected close to $24.5 million in sports wagering taxes through the first nine months of the year, which is nearly $5 million ahead of last year's pace.
It's not just the big guys who are raking in the dough. Five large mobile platforms - FanDuel, DraftKings, BetMGM, Caesars Sportsbook, and Barstool Sportsbook - all set monthly revenue records for their Indiana operations. FanDuel took the cake with a record-breaking $16.6 million, topping its previous mark of $15.6 million set last November. DraftKings, which led all mobile operators in handle with $131.5 million, claims close to $13.7 million in revenue, marking the first time it was able to produce back-to-back months with a win rate above 10%.
Two new books, Hard Rock, and MaximBet, also launched operations in September. Hard Rock, which started retail wagering at its Gary location in May, had an impressive debut with more than $6.6 million in handle and nearly $1.2 million in revenue. Maxim, which launched closer to the end of September, reported $4,276 in wagers and $98 in revenue.
It's not just mobile betting that's breaking records - brick-and-mortar sportsbooks are also cashing in. Holy cow, Hollywood Casino in Lawrenceburg set a monthly state record for retail revenue with over $2.9 million, thanks to a 29.1% win rate from a $10.1 million handle!
So there you have it, sports fans. Indiana's sports betting market continues to grow and break records. Keep an eye on this state - it's definitely a force to be reckoned with!
Enrichment Data:Indiana is seeing substantial growth in its sports betting market following the post-PASPA era that began in 2018. By 2025, the Hoosier State's sports betting market is expected to be vibrant with a large handle and revenue. In March 2025, the sports betting handle in Indiana reached $553.6 million, marking a 10.5% increase compared to the previous year. For 2025, the total handle is projected at $1.525 billion. Despite the strong handle, revenue in March 2025 was lower than in the previous year at approximately $35.8 million. Indiana ranks among the top states for sports betting in terms of both handle and revenue, but it typically lags behind the likes of New Jersey, Pennsylvania, and New York due to their larger markets and longer history with sports betting. However, Indiana holds its own in the Midwest, often outperforming neighboring states like Illinois and Michigan in certain months, thanks to popular events like the Indianapolis 500 and March Madness, as well as the presence of major teams like the Colts and Pacers. The Indiana Gaming Commission imposes a competitive 9.5% tax rate on both retail and online sports betting revenues and oversees the market closely, helping maintain integrity and control over live betting and sports data. Despite Indiana's strong performance, it typically ranks below the top three states in terms of handle and revenue.
- Despite Indiana typically lagging behind states like New Jersey, Pennsylvania, and New York in sports betting, the Hoosier State has been outperforming neighboring states like Illinois and Michigan, particularly during events like the Indianapolis 500 and March Madness.
- Two new sportsbooks, Hard Rock and MaximBet, launched operations in September 2021, with Hard Rock recording over $6.6 million in handle and nearly $1.2 million in revenue, and Maxim reporting $4,276 in wagers and $98 in revenue.
- In the post-PASPA era that began in 2018, Indiana's sports betting market has been growing significantly, with operator acceptances of $382.5 million worth of wagers in September alone.
- Indiana has become the eighth state to generate at least $50 million in monthly sports wagering revenue, surpassing the previous record of $47.7 million set in November 2020.
- The Indiana Gaming Commission oversees the state's sports betting market closely, imposing a competitive 9.5% tax rate on both retail and online sports betting revenues and maintaining integrity and control over live betting and sports data.
