Sportsbooks in Indiana post slower monthly profits and April handle

Indiana Sports Betting April
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Indiana’s sports betting market reported encouraging year-over-year revenue growth last month but the results in April were a substantial decline compared to the month prior.

According to data provided by the Indiana Gaming Commission (IGC), the Hoosier State saw its 13 sports betting operators accept $393.9 million in wagers in April, a 23% increase compared to the same month last year. Despite the year-over-year uptick, last month’s handle was a 21% decline compared to the $500.8 million in wagers accepted in March.

In April, operators generated $37.1 million in adjusted gross revenue, which resulted in $3.5 million in taxes being paid to the state. By comparison, Indiana operators reported $39.4 million in adjusted revenue in March with the state collecting $3.7 million in taxes.

Licensed Indiana sportsbooks

DraftKings, which partners with Ameristar Casino in Indiana, emerged as the top sportsbook in the state for handle. In April, the Boston-based operator accepted $145.7 million in wagers making up 37% of Indiana’s total handle for the month.

Despite DraftKings closing with the highest handle, FanDuel is winning the revenue battle.

Last month, the Blue Chip Casino partner reported a $129.1 million handle and $15.3 million in revenue. By comparison, FanDuel in March posted a $136.5 million handle and $16.2 million in revenue. The operator’s handle was also the highest in the state for March.

DraftKings saw revenue reach $12.6 million in April and $13.8 million for the month prior.

BetMGM closed April with the third-highest handle in Indiana at $31.7 million, which generated $3 million in adjusted revenue. In March, the joint venture between Entain and MGM Resorts posted $3.1 million in adjusted revenue behind a $43.4 million handle.

Emerging operators in Indiana

ESPN Bet, which partners with Hollywood Lawrenceburg Casino, is attempting to separate itself from the rest of the pack. Last month, the PENN Entertainment-owned brand accepted $15.3 million in wagers, which resulted in $1.3 million in revenue. In March, ESPN Bet had a $21.1 million handle but only generated $1.1 million in revenue. The sportsbook, which launched operations in 2023, shares a casino partner with Fanatics.

In February, Fanatics went live with wagering in Indiana as part of its takeover of PointsBet’s U.S. business. The Hollywood Lawrenceburg partner reported a $9 million handle in April, down from $12.5 million in March. Despite the drop, Fanatics posted growing profits with revenue reaching $1 million in April compared to $759,438 in March.

Basketball remained king in Indiana with the sport making up $121.4 million of the state’s total April handle. Parlays were the second-most popular wager making up $116. 7 million of the handle. Indiana is poised for increased betting interest in May with the 108th running of the Indianapolis 500 on May 26 at Indianapolis Motor Speedway.