Hoosier State reports handle decline behind $408M in February wagers

Indiana Sports Betting February
Image: University of College / Shutterstock

Indiana reported lukewarm sports betting revenue and handle results last month.

According to data provided by the Indiana Gaming Commission, the state posted a $408.6 million handle in February 2024, a 14.7% increase year-over-year. The Hoosier State reported year-over-year growth in handle but results declined compared to January’s results. That month, Indiana’s sportsbooks generated a $480.2 million handle.

Indiana operators had a 9.3% hold in February compared to January’s 11.1% hold.

Last month, Indiana operators generated $37.9 million in taxable adjusted gross revenue compared to $27.6 million for the same month last year. By comparison, operators in Indiana saw revenue reach $53.4 million in January 2024 with $5 million in wagering tax.

In February, Indiana sportsbooks posted $3.6 million in wagering tax.

Parlay wagers made up $191 million of Indiana’s February handle, while the basketball-crazed state saw the sport collect $117.5 million in wagers. Football emerged as the third-most-popular market during the month with Indiana accepting $14.1 million in bets.

Slim margin in Indiana

FanDuel and DraftKings reported nearly similar revenue results in Indiana last month.

DraftKings, which partners with Ameristar Casino for operations in the state, reported a $153.4 million handle in January compared to a $121.7 million handle for the same month last year. The operator’s handle in February generated $13.6 million in revenue.

Last month, FanDuel reported $13.8 million in revenue but posted the results behind a smaller handle at $126.5 million. FanDuel partners with Blue Chip Casino in the state.

Bet365 became the last operator to gain market access in Indiana through an agreement with French Lick Casino. The British sportsbook, which launched in Indiana in January, is live in nine other markets including Arizona, Colorado, Kentucky, Louisiana, and Ohio.In

In February, bet365 reported a $21.1 million handle that generated $2.6 million in revenue. The operator closed February with the sixth-highest handle right behind ESPN Bet, which rebranded from Barstool Sportsbook last November. ESPN Bet posted a $21.6 million handle in February 2024, a 30% month-over-month decline. The operator has a 5.5% market share in Indiana, which is behind a 7% projection for its first full year of operations.