Indiana is getting back on track as a regulated online and retail sports betting market.
According to data provided by the Indiana Gaming Commission, sports betting operators in the state reported a total handle of $500.7 million handle in March, up from $408.6 million for the month prior. The results in March 2024 also represented a 15% year-over-year increase compared to March 2023’s $433 million handle. Indiana’s handle last month marked the fourth time in four years the Hoosier State has surpassed $500 million.
Indiana is home to 13 operators, which generated a combined $39.4 million in adjusted gross revenue last month. The results in March 2024 were a 4% increase compared to the $37.9 million in revenue generated for the month prior. In March 2023, Indiana operators posted $42.8 million in revenue. Indiana reported its best month for revenue in January with a record $53.5 million, surpassing September 2022’s previous record of $51.2 million.
Indiana operators report growth
DraftKings, which partners with Ameristar Casino, emerged as the top sportsbook in Indiana last month with a $186.5 million handle, up from $153.4 million in February.
Blue Chip Casino partner FanDuel closed March with the second-highest handle at $136.5 million, which generated $16.2 million in revenue, the highest in the state. By comparison, DraftKings saw revenue reach $13.8 million in March despite its top handle.
BetMGM, a Belterra Casino partner, finished third in March with a $43.4 million handle. That same month, the MGM Resorts and Entain joint venture posted $3.1 million in revenue.
ESPN Bet, which launched operations in Indiana last November, is maintaining its viability as a new sportsbook. The PENN Entertainment-owned brand reported a $21.1 million handle in March, which generated $1.1 million in revenue. The results placed ESPN Bet in the top five operators right behind Caesars Sportsbook. Caesars, which posted the same 5.3% hold in March as ESPN Bet, reported a $27.4 million handle and $1.5 million in revenue.
Indiana welcomed Fanatics Sportsbook in February as a new operator as part of PointsBet’s offloading of U.S. operations. In its first full month of operations in Indiana, Fanatics reported a $12.5 million handle in March, the seventh-best in the state. The Hollywood Casino Lawrenceburg partner generated $759,438 in revenue last month.
Retail sportsbooks in Indiana also posted encouraging results in March with the state’s 14 brick-and-mortar sportsbooks generating $1.7 million in revenue behind a $15.3 million handle. By comparison, retail sportsbooks reported $360,210 in revenue in February 2024.
