Sports betting in Indiana surpasses $1 billion in cumulative revenue
Indiana's Sports Betting Market cruised past the $1 billion mark in adjusted gross revenue (AGR) in April 2023, becoming the sixth state to accomplish this milestone post-PASPA. The Hoosier State joined the exclusive club in just 44 months, cementing its place among top performers such as New Jersey, New York, Nevada, Illinois, and Pennsylvania.
Despite a 25.8% handle drop from March, Indiana's consistent performance keeps it among the national leaders for handle, even as more populous states join the fray. April's AGR of $29.4 million came from a handle of $321.4 million, resulting in a 9.2% hold. Although year-to-date handle dipped 11.9% from 2022 at $1.5 billion, operator revenue climbed 20.2% to $136.4 million.
FanDuel and DraftKings Shake Things Up
The mobile sports betting landscape became more exciting in April as industry titans FanDuel and DraftKings switched positions for the fourth time in the last five months. FanDuel, with a handle of $106 million, edged out DraftKings by a margin of $4.6 million. FanDuel also outperformed DraftKings in revenue, taking home $11.8 million with an 11.1% hold, marking its lowest hold rate in the past nine months. DraftKings, on the other hand, generated close to $8.9 million in winnings, maintaining an 8.8% win rate.
Despite DraftKings having a higher handle for the year (($504.7 million) compared to FanDuel, the latter has managed to generate $18.6 million more in revenue over the same period. BetMGM claimed the final podium spots for handle and revenue with a handle of $34.2 million and revenue of $3.3 million, respectively. Caesars Sportsbook and Betway rounded out the top five, with Caesars reporting revenue of $1.5 million from $27.2 million in wagers, and Betway posting another losing month with a loss of $66,852 on nearly $610,000 in wagers.
Retail Wagers Show Progress
Meanwhile, on the retail front, Hollywood Lawrenceburg ended its losing streak in April after posting a winning month with revenues of $216,090, turning the tables on its previous quarterly losses. However, the PENN Entertainment location near the Ohio and Kentucky borders is still in the red for 2023, recording a deficit of over $1 million, a stark contrast to its strong finish in 2022 with a state-best $13.7 million. The Winner's Circle location in Clarksville led the way for in-person revenue, reporting $399,038 in winnings from a handle of $2.6 million. The racinos and three Winner's Circle venues combined to post a 12.5% hold for a total revenue of more than $667,000 from a handle of $5.3 million. Belterra Casino, which is Betway's retail tether, also posted a losing April, with the public coming out $22,380 ahead. Overall, casino sportsbooks reported close to $916,000 in revenue from a handle of $12.6 million for a 7.3% hold.
FanDuel and DraftKings remain in a competitive race in the sports-betting market, with their positions alternating frequently. In April, FanDuel recorded a handle of $106 million and a revenue of $11.8 million, while DraftKings reported a handle of almost $101.4 million and a revenue of $8.9 million.
The retail sector also showed progress, with Hollywood Lawrenceburg ending its losing streak and reporting revenues of $216,090 in April. However, the PENN Entertainment location still faces a deficit of over $1 million for 2023, highlighting the ongoing challenge for retail sports-betting operators.
