Indiana’s Sports Betting Market Took Advantage of the Schedule in September as a New Revenue Record was Set
Indiana is another market that had a good month of September as the sports betting schedule factored in the most anticipated NFL season. The Indiana Gaming Commission reported that operators in the Hoosier State accepted $382.5 million in wagers.
Results Seem to Favor the House Across the Industry
The NFL and college football seasons, respectively, ignited the betting interest levels across the industry after a set of tough summer months. The top five sports categories in Indiana for the month included football ($153.9 million) and parlays ($108.7 million).
Only the monthly handles are broken down by the Indiana Commission, not the revenue. August officially signaled the end of the summer shutdown, but the average betting volume still increased by a solid amount.
September’s monthly handle total was higher by 46.5 percent due to a combined win rate of 13.4 percent for the month. Taking a look at the year-over-year numbers, the handle noted a slight increase of 7.2 percent. The hold rate of September 2021 was 9.5 percent.
The win rate of 13.4 percent only trails the record that was posted back in September 2019. The only reason the hold rate in September was so high was that the Hoosier State’s market was strictly retail during that time.
Operators combined to register an overwhelming hold rate of 23.4 percent in September 2019. The exclusive retail market during that time period only generated a monthly handle of $35.2 million.
Indiana Also Showcased Solid Revenue Numbers for September
Bookmakers across Indiana combined to post an adjusted revenue total of 51.2 million. This easily topped the previous record that was set back in November, where the revenue total was $47.7 million.
This has been a common theme throughout the industry, where the house has fared well against the general public. Thanks to a solid monthly handle, Indiana became the sixth state to surpass $9 billion in post-PASPA handle. Among the jurisdictions in the selective circle were New Jersey, Nevada, Pennsylvania, Illinois, and New York.
Due to the record revenue numbers, the state was able to collect $4.9 million in tax receipts. Through the first nine months of the year, the state has collected $24.5 million, which outpaces last year’s similar span by approximately $5 million.
Bookmakers that include FanDuel, DraftKings, BetMGM, Caesars, and Barstool all set new monthly revenue records in the state. FanDuel led the way in the revenue category with $16.6 million with a 15.3 percent hold rate.
DraftKings led all competitors with $131.5 million, claiming close to $13.7 million in revenue thanks to a 10.4 percent hold. This was the first time DraftKings posted back-to-back months with a win rate that surpassed 10 percent in Indiana. For the first time in the state, BetMGM cleared $5 million.
Caesars had a lot of work to do in terms of marketing as the sportsbook was losing its market share across the major markets as it went through some changes and restructuring. Caesars surpassed the $3 million mark, which fell just short of $3.3 million with an 11.1 percent hold on $29.5 million wagered.
Despite a record hold rate of 11.6 percent, Barstool barely beat its November 2021’s record by $5,610 in regard to revenue. Hard Rock and MaximBet are the newest sportsbooks on the block in the Hoosier State.
The Retail Sportsbooks Did Their Part
The in-person sportsbooks also did well against the public. These locations accepted a total of approximately $30 million in bets and brought in about seven million in revenue due to a 23.3 percent hold.
The only casino locations that posted a win rate under 20 percent were Horseshoe Hammond and Hard Rock. In just over $8 million worth of bets, the two racino sportsbooks and three Winner’s Circle locations generated $1.8 million in revenue. Indiana’s mobile and retail operators routed the public overall.
