If returns out of Indiana and Iowa are any indication, the US sports betting industry is in for a big month.
Both states saw record handle last month as NFL betting was thrown into the mix of NBA and NHL playoff games as well as the last month of the MLB regular season.
Sports betting in Indiana broke the $200 million mark for the first time with $207.5 million in handle. Revenue was also a record $14.3 million, according to the state report.
Iowa remains limited by in-person registration but still hit a record $72.4 million in handle. Revenue was shy of a record at $5.2 million after the state had $5.7 million in handle last October.
Indiana sports betting flourishes despite new competition
Indiana’s $207.5 million in handle is 10.8% higher than the previous record $187.2 million in February before much of the sports world shut down from the coronavirus pandemic.
Since then, Indiana gained a significant new competitor in neighboring Illinois. Illinois unexpectedly allowed mobile sports betting registration more than a year before the law allowed because of casino closures.
That turned the state into bigger competition than was expected for the first year and a half. Illinois sportsbooks posted an impressive $140 million in handle for August even though just one operator, BetRivers, was live for the full month.
So far, though, it doesn’t seem like the loss of business that used to flow from the greater Chicago area into Indiana is hurting too much.
DraftKings still rules in Indiana
DraftKings Sportsbook, which launched a few weeks before FanDuel Sportsbook last year and benefited from its partner’s proximity to Chicago, remained the market share leader.
DraftKings’ $89.4 million from its mobile app took 43.1% of total market share. FanDuel ranked second with $56.5 million, or 27.2% market share. BetMGM ($13.1 million), BetRivers ($6.2 million) and PointsBet ($6.2 million) round out the top five.
Bettors wagered 83.5% of total handle from mobile devices in September.
Iowa’s online betting share still low
Iowa online sports betting handle dipped in September to 69.1%, down from 69.6% in August.
Iowa still remains a good distance behind mobile market leaders like Pennsylvania and New Jersey. In August, sports betting in NJ saw 90.1% of handle from mobile while PA sports betting had 88% of bets from mobile.
That should change beginning in January, when bettors can finally register from their mobile devices.
