Indiana sports betting revenue dips in January as Ohio market opens

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Indiana’s sportsbook handle during January dipped 14.5% year-over-year, perhaps linked to Ohio’s sports betting market opening in the same month. 

Data published by the Indiana Gaming Commission revealed that the state’s sportsbooks handled $427.2m in January, which also represented a dip of around 1% from December. 

Indiana shares a long border with Ohio, which launched its legal and regulated sports betting market on Jan. 1 and may have deterred those who traveled cross-border to bet in Indiana from doing so. 

The hold rate for Indiana sportsbooks was 8.5% of the handle, leaving a taxable AGR of $36.5m for January. This is up 2.5% YoY, with January 2022’s hold rate down by 1.4 percentage points, with taxable AGR at $35.6m one year ago. 

However, this does represent a weaker performance than in December, when sportsbooks recorded a hold rate of 9.9%, with a taxable AGR of $42.7m.

With Indiana imposing a tax rate of 9.5% on AGR, sportsbooks in the state paid $3.5m in tax during January, up 2.9% YoY.

Per operator, DraftKings took the largest handle in January with $159.9m in handle. The top five operators in terms of handle were FanDuel, ($126.4m), BetMGM ($53.2m), Barstool Sportsbook ($18.9m), and BetRivers ($16.8m). 

In terms of taxable AGR, FanDuel led the way with $12.2m in revenue during January. The Flutter brand was followed by DraftKings ($11.2m), BetMGM ($5.0m), PointsBet ($1.0m) and BetRivers ($814,305).