Increased competition from neighboring states to the south and east proved to be little issue for Indiana sports betting last month.
Hoosier State bettors staked $404.1 million in September, a 6% bump from the same month last year, according to the latest state report.
Legal sports betting states surrounded the Indiana sports betting market on all sides for the first time in September.
Competition for Indiana sports betting
While overall IN sports betting market showed growth in September, the retail Barstool Sportsbook in Lawrenceburg did take a noticeable hit to handle.
The sportsbook accepted $1.9 million in bets last month, down from $10.1 million in September 2022. The Barstool Sportsbook in Lawrenceburg is near Cincinnati. It sits on both borders of Ohio and Kentucky.
Proximity proves popular for sports bettors
Without legal sports betting in either state last September, the location drew residents from outside Indiana, making it one of the nation’s most popular sportsbooks.
Kentucky sports betting launched last month with retail at the beginning of the month before mobile went live Sept. 28.
Ohio effect on Indiana sports betting
In the first nine months of this year, IN sports betting handle reached $2.9 billion, down nearly 8% compared to last year.
Sportsbook revenue, however, is up about 8% year-to-date over last year.
Race for IN sports betting revenue
DraftKings also generated the most revenue, $15.1 million, among IN sports betting apps. It is the first time since February 2022 that DraftKings led the market in revenue.
However, it took DraftKings $45.1 million more in handle to produce $98,000 more in September revenue than FanDuel.
What’s behind the change?
FanDuel got the jump on enhancing its parlay product, which could explain its 12% hold and near-even revenue despite accepting more than $45 million less in bets.
DraftKings posted a 9% September win rate.
Indiana sports bettors built $124.8 million worth of parlay wagers last month. Only straight wagers on football were more popular at $155.4 million.
Indiana sports betting in September
In September, online sports betting in Indiana totaled $383.8 million, or 95%.
IN sportsbooks produced $40.6 million and sent $3.9 million back to the state in monthly taxes.