July 2024 saw significant movements in Indiana’s sports betting market. The state reported a notable handle increase year-over-year but a decline from the previous month.
Overview of Indiana Sports Betting Activity
Indiana’s sports betting handle in July 2024 reached $261.1 million, marking a 28% increase compared to the same month last year. Despite this impressive growth, the handle saw a 12.4% decrease from June 2024. Sportsbooks in Indiana earned $29 million in adjusted gross revenue (AGR), which represents a 25% year-over-year increase but a 4% decrease from the previous month. This data reflects both the expanding popularity of sports betting and the inherent volatility within the market.
Distribution Between Online and In-Person Betting
The majority of betting activity was concentrated in online platforms, with $254.7 million wagered through online sports betting. In contrast, in-person casino betting accounted for $6.2 million of the total handle. The state of Indiana collected $2.76 million in tax revenue from these betting activities, highlighting the significant economic impact of the industry.
Performance of Major Sportsbooks
DraftKings led the online sports betting segment with a handle of $94.4 million and achieved a hold percentage of 10.4%. This strong performance underscores DraftKings’ leading position in the market.
FanDuel followed with a handle of $78 million and generated $10.5 million in revenue. The success of FanDuel reflects its competitive edge and popularity among bettors.
BetMGM reported a handle of $25.4 million and earned $2.5 million in revenue, while Caesars recorded a handle of $16.1 million and revenue of $1.7 million. bet365 rounded out the top operators with a handle of $13.1 million and revenue of $1.2 million.
Baseball emerged as the most popular sport for betting, with $73.8 million wagered, illustrating the sport’s strong appeal among Indiana bettors.
BlueBet’s Withdrawal from Indiana
BlueBet Holdings’ Bluebet Indiana subsidiary has recently ended its market access partnership with Caesars’ Horseshoe Hammond. This decision is part of a broader strategic review of BlueBet’s U.S. operations. The company has opted to refocus its efforts on its existing markets in Iowa, Colorado, and Louisiana. Additionally, BlueBet plans to continue expanding its B2B Sportsbook-as-a-Solution offering.
This strategic shift reflects BlueBet’s desire to streamline operations and concentrate on markets where it sees the greatest potential for growth and success. The impact of BlueBet’s withdrawal could be significant, potentially reshaping the competitive landscape in Indiana’s sports betting market.
Trends and Revenue Insights
The year-over-year increase in Indiana’s sports betting handle indicates a growing interest in sports wagering. However, the month-to-month decline in handle suggests potential fluctuations or seasonal variations. The year-over-year revenue growth, despite the decrease from June, is a positive indicator of the market’s overall health.
Impact of Market Changes
The departure of BlueBet from Indiana could create new opportunities for other operators to gain market share. As BlueBet consolidates its focus on Iowa, Colorado, and Louisiana, it may also pave the way for increased competition among remaining sportsbooks in Indiana.
July 2024 in Indiana’s sports betting market presented a mixed picture of growth and adjustment. While the handle showed strong year-over-year growth, the month-to-month decline and the strategic shift by BlueBet introduce new dynamics into the market. Monitoring these trends and understanding their implications will be crucial for stakeholders looking to navigate the evolving landscape of sports betting in Indiana.