Indiana’s sports betting market experienced a decline in handle for the fourth consecutive month in July, with total wagers amounting to $206.6 million. However, despite the decrease in handle, revenue climbed to an impressive $20.9 million, marking a substantial increase compared to the previous month. Indiana’s sportsbooks have garnered significant traction, with $2.5 billion in total wagers recorded during the first seven months of 2022.
Handle Decreases, but Year-on-Year Growth Persists:
In July, Indiana’s sports betting handle witnessed a decline of 19% from the previous month, amounting to $206.6 million. Nevertheless, the state’s sportsbooks showcased year-on-year growth, recording a 6.2% increase compared to July 2021’s handle of $194.5 million. Despite the recent downturn, the sustained year-over-year growth reflects the enduring popularity of sports betting in Indiana.
Impressive Revenue Surge:
July brought positive news for Indiana’s sports betting revenue, which climbed to an impressive $20.9 million. This represents a substantial increase of 32.3% from the previous month when operators generated $15.8 million in taxable revenue. On a year-on-year basis, July’s revenue surged by 19.4%, underscoring the industry’s strong performance and continued profitability.
Baseball Tops the Betting Charts:
Baseball emerged as the most popular sport for betting in Indiana during July, with total wagers amounting to $76.1 million. Basketball followed closely with $16.1 million in bets, while football garnered $2.9 million. The diverse range of sports offerings and the popularity of major leagues contributed to the overall growth of Indiana’s sports betting market.
Leading Online Operators:
Among the online operators, FanDuel dominated the Indiana market, recording $61.5 million in wagers and $7.3 million in taxable revenue. DraftKings closely followed with a handle of $60.1 million and revenue of $4.1 million. These two industry giants consistently attract a significant portion of Indiana’s sports bettors, demonstrating their strong presence and competitive edge in the market.
Tax Revenue and Growth Outlook:
Indiana collected $2 million in tax revenue from sports betting activities in July, bringing the total tax revenue for the year to date to an impressive $17.2 million. This figure surpasses the same period of 2021 by $2.5 million, showcasing the remarkable growth and financial benefits derived from the state’s regulated sports betting industry.
Despite a decline in handle for the fourth consecutive month, Indiana’s sports betting industry remains robust, driven by strong revenue growth. The state’s sportsbooks generated an impressive $20.9 million in taxable revenue in July, with baseball emerging as the top sport for betting. FanDuel and DraftKings continue to dominate the online market, attracting significant wagering activity and contributing to the overall success of Indiana’s sports betting industry. With tax revenue surpassing previous records, Indiana’s regulated sports betting market shows no signs of slowing down, providing a positive outlook for future growth and continued financial benefits for the state.