Indiana’s sports betting handle sets new record in October
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Indiana Posts Record Sports Betting Numbers in October
The sports betting industry has seen some impressive figures in recent weeks. This has been evident in Indiana, as October became a historic month. The state became the fifth location in the country to post a monthly sports betting handle of $450 million or more. Additionally, it was also the fifth to surpass $5 billion in handle over the lifespan of its sports betting market. As more operators are frequently added, the Indiana market is expected to expand and develop into one of the biggest in the country.
Record Results in October
In October, Indiana surged past the previous state record with over $461.1 million in handle, an increase of 29.7% from $355.4 million in September. This was also a 99.7% increase year-over-year from $230.9 million in October 2020. Those impressive numbers from October took Indiana over $400 million in lifetime gross revenue and over $5 billion in lifetime wagers. The Hoosier State joins Pennsylvania, Nevada, Illinois, and New Jersey as the only states to reach those numbers.
The overall volume numbers were solid; however, gross revenue decreased by 16.4%, down from $33.3 million in September to $27.8 million in October. That equated to a 6.1% hold rate, the lowest in Indiana since February 2021 and a drop from 9.5% in September.
Unsurprisingly, football was the most popular sport to bet on in Indiana as the NFL and college seasons gather pace. Football betting jumped to $175.8 million in October, increasing from $148.6 million in September, with most bets placed via NFL betting apps. Basketball also saw a large increase as it jumped significantly from $5.2 million in September to $53.5 million in October as the NBA season got underway.
Online Betting is King
Online betting was again more productive than retail betting in October as online sportsbooks accounted for $411.9 million in handle. This was 89.3% of the total handle for the month. DraftKings was the top online operator, with $150.7 million in handle, up from $130.4 million in September. The Daily Fantasy Sports giant generated $7.8 million in gross receipts. FanDuel led the way with $9.2 million in gross receipts but was below DraftKings with $113.3 million in online wagers.
Although online betting is by far the most popular form of betting in the state, retail sportsbooks were still successful, posting $49.2 million in handle in October. This was up from $35.3 million in September. The most successful sportsbook was Hollywood Lawrenceburg, with $15.6 million in wagers, up from $11.5 million in September.
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