In the world of sports betting, Indiana’s market showcased resilience in February, with a notable increase in gross revenue even as the total handle experienced a decline. The state’s regulatory body, the Indiana Gaming Commission, has reported key insights into the performance of the sports wagering industry in the region.
Handle Decline Amidst Revenue Surge:
Indiana’s sports betting handle for February amounted to $356.2 million. Although this figure reflects a year-on-year decrease of 12.9%, down from the $409.1 million in bets recorded in February 2022, it’s worth noting that January 2023’s handle of $427.2 million was also down 16.6% from the previous month. Despite this handle decline, the month of February saw a surge in gross revenue.
Robust Gross Revenue Performance:
Operators in Indiana recorded approximately $27.7 million in adjusted gross revenue (AGR) for February. This marked an impressive 62.9% increase from the $17 million reported in February the previous year. However, the AGR for February 2023 was 24.1% lower than that of January 2023, which stood at $36.5 million. This performance showcases the market’s ability to generate revenue efficiently.
Sporting Preferences in Wagering:
Basketball emerged as the favored sport for betting in Indiana, with wagers amounting to $166 million. It was followed by football, with $20.6 million in bets, and baseball, which attracted $441,296 in wagers. Parlay bets saw a substantial spending of $69.3 million, while other sports received wagers amounting to $99.6 million.
Operator Highlights:
Analyzing the performance of individual operators, DraftKings led the way with a sports betting handle of $121.9 million. FanDuel closely followed with $113.2 million, while Caesars reported a handle of $35.8 million. BetMGM recorded $32.3 million, and Barstool rounded up the top five operators with a handle of $22.2 million. In terms of taxable AGR, FanDuel emerged as the leader, generating $13.4 million. The top five operators for taxable AGR included DraftKings ($8.2 million), BetMGM ($2.8 million), Caesars ($1.1 million), and BetRivers ($513,000).
Revenue Contribution to the State:
Indiana received nearly $2.8 million in tax receipts from the sports betting activity. Since its launch in September 2019, sports wagering has significantly contributed to the state’s finances, generating over $884 million in state tax revenue.
Despite a decline in the handle, Indiana’s sports betting market demonstrated robust financial performance in February, highlighted by an impressive increase in gross revenue. The state continues to be a vibrant player in the evolving landscape of sports wagering, promising further developments and contributions to its economy in the future.