Indiana sports betting revenue slides below $30m in April as Ohio market takes bettors

Indianapolis, Indiana
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Indiana sports betting revenue dipped below $30m in April marking a steep decline in sportsbook earnings, primarily due to the end of the March Madness tournament and a lack of football action. 

According to data released by the Indiana Gaming Commission, sportsbooks in the Hoosier state handled $321.4m in April, down 25.8% from the $433m recorded in March. However, it is worth noting that March Madness bets were recorded.

This also, however, marks a decline of 10.7% year-over-year, when $360m was wagered by bettors last April. This drop in handle is likely driven by the opening of the Ohio sports betting market, so fewer people hop over the border to bet in Indiana.

Basketball was the most popular sport to wager on as the NBA headed toward the playoff period. $90.3m was wagered by Hoosians on basketball fixtures last month, whilst $61.2m was wagered on baseball as the MLB season began. 

There has been a noticeable slowdown in Indiana’s sports betting growth in 2023, coinciding with Ohio’s launch. 

Adjusted gross revenue this April hit $29.4m, representing a hold rate of 9.15%, slightly down from the 9.9% hold rate in March. Revenue, with the lower hold rate and weaker handle, was down 31.3% compared to March. However, revenue was up slightly on the $28.6m that operators made in April 2023. 

Tax payments from operators last month hit $2.8m, down from $4.1m in March 2023 and consistent on a yearly basis. 

Per operator, FanDuel was the market leader in Indiana, handling $106.3m and narrowly beating rivals DraftKings, which handled $103.2m. The top five operators on the handle front were BetMGM ($34.9m), Caesars Sportsbook ($29.2m), and PointsBet ($19.2m). 

On the revenue front, FanDuel once again came out on top, making $11.8m in AGR. DraftKings held onto second place, generating $9.1m in revenue. 

The top five operators comprised the aforementioned two, plus BetMGM ($3.3m), Caesars Sportsbook ($1.6m), and PointsBet ($1m).