Indiana Sports Betting Dips After Five Months of Record Handle

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Indiana sports betting

Indiana sports betting took a small dip in February.

Followingfive consecutive record monthly handles, Indiana bettors wagered $273.9 million, according to a state report released Friday. That’s down from the $348.2 million bet in January.

The wagers generated $17 million in adjusted gross operator revenue, down from January’s $29.3 million record. That represents about a 6.2% hold for the month.

The state collected $1.6 million in taxes.

Lack of football bets in Indiana

Super Bowl LV drew just $18.8 million in bets in Indiana. In January, Indiana bettors wagered $77.6 million on football.

Basketball kept pace in the state, with $127.2 million in bets — more per day than the $133.2 million in January.

Parlays accounted for $66 million, with other sports drawing $60 million. Baseball, the only other sport singled out in the report, drew $91,808 in bets.

A big March for Indiana sports betting on the horizon?

Last year, operators missed out on the NCAA Tournament because of the COVID-19 pandemic. This year, Indiana could be the biggest benefactor as the entirety of March Madness will take place in basketball-hungry Hoosier State.

The Big Ten Tournament is in full swing this week in Indianapolis.

Even Illinois bettors — who can’t bet on in-state colleges — could make a trek to bet on the likely No. 1-seeded University of Illinois men’s basketball team.

Still, the overall February dip could foreshadow the massive legal market in Illinois reclaiming some wagers in future months as well.

DraftKings reigns for Hoosiers

More than 88% of February bets, or $241 million, were placed online. That is up from 85.1% in January.

DraftKings led the way with $107.4 million, or 39.4% of the online total. FanDuel followed up with $70.9 million. FanDuel recorded $5 million in gross receipts, besting the $3.7 million at DraftKings.

Other online operator handles:

Of the more than $26 million bet at retail sportsbooks, Hollywood Lawrenceburg took $10.3 million. Two northern casinos, Ameristar Casino and Horseshoe Hammond, followed with $4.8 million and $4.1 million, respectively.