Indiana Sportsbooks See Handle, Revenue Drop In February

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Indiana sportsbooks

Indiana sportsbooks saw handle drop off sharply in February from a record high in January because of a slower sports calendar.

Handle fell 18.2% from January to $409.1 million in February. That was 49.4% higher than last February, however.

Sports betting revenue also tumbled 52.3% from the prior month to $17 million on just a 4.1% hold. That led to $1.6 million paid in taxes for the month.

The end of NFL betting season, fewer days in the month, and All-Star breaks for the NBA and NHL contributed to lower results for Indiana sportsbooks. Similar impacts likely will be felt throughout the country in February’s results.

Indiana sportsbooks see Super Bowl growth

The Indiana Gaming Commission does not break out Super Bowl betting figures but it does separatefootball bets each month.

This February, sportsbooks took $30.1 million in football bets compared to $18.8 million in 2021. That is an increase of 60%.

While the Super Bowl is clearly the top single-day event in US sports betting, March Madness betting should provide a boost for Indiana sportsbooks considering the state’s affection for basketball. The sport accounted for nearly half of February’s handle with $201.9 million bet.

Indiana has two positives going for it when it comes college basketball betting. The state does not prevent bettors from betting on in-state colleges and it borders Illinois, where betting on in-state colleges on mobile devices is still banned.

DraftKings, FanDuel remain mobile favorites

Mobile betting remains king in Indiana with 93% of handle bet online.

There are three ranks when it comes to mobile apps in Indiana: leaders, chasers, and everyone else.

DraftKings and FanDuel are the clear leaders in the market with mobile handle shares of 31.9% and 28.3%, respectively. Chasing those two top spots are BetMGM (13.8%) and Caesars (11.9%).

The other nine operators fall into the final category, with no one reporting a mobile handle share of more than 3.8%. Five operators, including the reportedly for-sale WynnBET and the closing TwinSpires brand, hold less than 1% share each.