Is Indiana Sports Betting Hitting A Wall In Its Third Year?

Written By Pat Evans on July 21, 2022
Indiana sports betting

Spring is the slow season for sports betting, but this year it could be a signal Indiana sports betting growth is plateauing.

Indiana sportsbooks took $256.3 million in June bets, according to an Indiana Gaming Commission report released Tuesday. Along with the 29% dip from May, the total handle is a mere 4% increase compared to June 2021.

It is the third June for Indiana sports betting, which launched in September 2019. Combined with its maturation, Indiana also could be losing bets to the surging Illinois sports betting market which saw its in-person registration requirement expire in March.

The all-time Indiana handle record was $500.1 million in January 2022.

Revenue craters in Indiana

Indiana sportsbooks held 6.1% in June for $15.7 million in June sports betting revenue. That is down 48% from the $30.7 million in May revenue and 67% down from the all-time record revenue of $47.7 million in November 2021.

It is also down from the $25.5 million in June 2021 revenue, a 10.3% hold.

The state collected $1.5 million in June taxes.

FanDuel keeps up the Indiana lead

FanDuel paced the Indiana market in June with $79.4 million in online bets. The operators held 7% for $5.5 million in revenue.

DraftKings was a close second with $70.8 million in online wagers, while BetMGM came in third at $33.2 million.

Caesars was the only other operator to clear $10 million, drawing $25.3 million in bets. Those four operators combined for $208.7 million of the $238.7 million bet online in June, or 87%.

SportsbookOnline HandleOnline RevenueHoldMarket Share
FanDuel$79.4 million$5.5 million7.0%33%
DraftKings$70.8 million$3.3 million4.7%30%
BetMGM$33.2 million$3.1 million9.4%14%
Caesars$25.3 million$750,2963.0%11%
BetRivers$7.8 million$509,9396.6%3%
Barstool$7.5 million$605,8448.1%3%
Unibet$6.7 million$297,7134.4%3%
PointsBet$4.5 million$259,9905.7%2%
WynnBet$2.7 million$71,5892.7%1%
Betway$360,323$6580.2%<1%
Bally Bet$271,504$18,5726.8%<1%
theScore Bet$134,416$2,0451.5%<1%
SBK$22,847$2,97213.0%<1%

Baseball soars in Indiana sports betting

Baseball took the most bets during June, drawing $84.6 million.

Indiana has been a basketball haven, but the NBA Finals was not enough to surpass baseball, bringing in $36.4 million. Still, basketball has brought in more than $1.3 billion already in 2022.

New sportsbooks ready to flood Indiana sports betting

At the end of June, Australian operator BlueBet announced a 10-year market access deal with Horseshoe Hammond. It expects to launch ClutchBet in Indiana, which would be the sportsbook’s fourth state.

Other sportsbooks lining up for Indiana launches:

  • Hard Rock Sportsbook
  • Fubo Sportsbook
  • PlayUp Sportsbook
  • SI Sportsbook

While new sportsbooks are ready to enter Indiana, July 1 marked the end of theScore Bet in Indiana. The operator took $134,416 in bets during June.

The Canadian sportsbook pulled out of US sports betting, allowing for Penn National’s other sports betting brand, Barstool Sportsbook, to take the US reins.

Photo by Kirk Stierwalt / The Associated Press
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Pat Evans

Pat Evans is a Grand Rapids, Michigan-based reporter covering sports business. Evans previously worked at Front Office Sports and the Grand Rapids Business Journal. He has authored two books: Grand Rapids Beer and Nevada Beer.

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