Indiana Sports Betting Handle Down, Revenue Up In May

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Indiana sports betting

Indiana sports betting handle reached $283.4 million in May, an 8% decline over the same month last year ($308.3 million.)

It is the eighth consecutive month where yearly handle figures have declined. Sportsbooks did post gains elsewhere, though.

IN sports betting revenue reached $33.7 million in May, a 5% year-over-year increase ($31.9 million.) Operators won nearly 12% in May, the highest hold percentage since sportsbooks held 13.2% in September 2022. It is also well-above the state’s 8.5% average win.

According to figures recently released by the Indiana Gaming Commission, the state received $3.2 million in tax revenue last month.

Indiana sports betting volume drop concerning?

Year-over-year handle figures have declined in Indiana now for eight straight months. What started as small percentage drops last fall have grown as neighboring Ohio, which launched its online sports betting in January, seemingly cuts into Indiana’s overall market.

LSR projections would typically point to year-over-year handle being flat without any disruptions in a more mature market like Indiana.

Indiana’s total sports betting handle from January to April fell nearly 11% year-over-year, the first four months of legal online Ohio sports betting.

MonthHandleYear-over-year decline
October 2022$446.2 million-3%
November 2022$452.3 million-2%
December 2022$431.4 million-7%
January 2023$427.1 million-15%
February 2023$356.1 million-13%
March 2023$433 million-9%
April 2023$321.4 million-11%
May 2023$283.4 million-8%

Indiana launched retail sports betting in September 2019. Mobile sports betting launched a month later. Indiana’s total sports betting handle is more than $12.3 billion.

DraftKings, FanDuel post revenue gains

Indiana sports betting market leaders DraftKings Sportsbook and FanDuel Sportsbook saw their monthly revenue increase in May. DraftKings posted $10.9 million in revenue last month, up from $9.1 million in April.

May revenue for FanDuel, the overall market leader, was $13.3 million, up from $11.8 million the month before.

BetMGM, Caesars maintain position

BetMGM and Caesars Sportsbook remained in third and fourth place, respectively, in the Indiana sports betting market.

With $25.9 million in betting handle, BetMGM claimed 9% of the market in May. Caesars had an 8% market share with its $23.6 million handle.