The Indiana Gaming Commission reported Monday that sportsbook operators totaled $25.4 million in adjusted revenue for August, with the house enjoying another strong month versus the betting public.
The 10.7% win rate for the month was the third highest recorded in 36 months of sports wagering in the Hoosier State and marked the first time operators had consecutive months with holds above 10% since the first two months of operation in September and October of 2019. Those two months are also the only ones with a higher hold than the percentage reported for August. The first month of sports wagering in Indiana was exclusively retail before mobile launched shortly thereafter. Indiana operators have posted a win rate of 10% or better six times overall, with three coming in the last 10 months.
The revenue claimed — the 12th time Hoosier State operators crossed $25 million — represented a 21.8% increase from July’s haul of $20.9 million and was 53.9% higher compared to the $16.5 million for August 2021. Month-over-month handle ticked 15.2% higher to $238 million, with baseball accounting for nearly one-third of that total at $77.6 million.
The state collected $2.4 million in tax receipts for August, increasing the total for the calendar year to $19.6 million. With year-to-date revenue 20.6% higher compared to the same period in 2021, state taxes are running $3.3 million ahead of last year’s pace.
Indiana has generated nearly $8.8 billion handle in three years of legal wagering and ranks sixth in the post-PASPA era behind New Jersey, Nevada, Pennsylvania, Illinois, and New York.
DraftKings reclaims handle crown from FanDuel
August #SportsBetting numbers for #Indiana via IGC, a 🧵. Mobile Han/Rev/WR by operator (1/4)@DKSportsbook $71.72M/$7.23M/10.08%@FDSportsbook $69.63M/$8.16M/11.72%@BetRivers $7.08M/$658.7K/9.3%
3/x #GamblingTwitter
— Chris Altruda (@AlTruda73) September 12, 2022
For the first time since March, DraftKings finished atop the handle rankings in Indiana for mobile operators. Its $71.7 million worth of accepted bets was $2.1 million more than FanDuel‘s $69.6 million handle. DraftKings also had its first month with a hold above 10% and claimed $7.2 million in revenue. That was not enough to topple FanDuel in that category, though, with its eternal rival racking up $8.2 million on the strength of an 11.7% win rate.
The two online titans hit notable Indiana milestones in August: DraftKings topped $3 billion in handle, while FanDuel was the first to surpass $200 million in all-time revenue. FanDuel, which has had a win rate of 11% or better in four of the last five months, also cleared $70 million in revenue for 2022.
BetMGM continues to be the best of the rest for mobile options in Indiana. Its 12.5% hold was its highest in more than two years, resulting in $3.5 million in revenue from $27.6 million handle. Caesars Sportsbook rounded out the quartet with eight-figure handles, but its $19.8 million marked the first time since the previous August it failed to reach $20 million.
Barstool Sportsbook saw a notable surge in handle for August, climbing 33% to $9.2 million for its biggest month since clearing $10 million in May. Barstool had a healthy 9.3% hold for August, claiming $850,000 in revenue.
Unibet continues to be a surprisingly popular draw in Indiana, topping $40 million in handle for the year after accepting $6.3 million in action in August. Bettors, though, kept the book in check and limited it to $120,000 in revenue and a 1.9% win rate. PointsBet‘s win rate improved three-fold from July to 15.2% for August, which led to revenue spiking 320% higher to $730,000 from $4.8 million handle.
The overall mobile win rate was 10.5%, with operators ringing up $23 million in revenue from $219 million wagered.
Another solid month for retail sportsbooks
August #SportsBetting numbers for #Indiana via IGC, a 🧵. Retail Han/Rev/WR by venue (2/5)@Belterra $316.3K/$82.2K/26%@CaesarsSI $3.54M/$348.6K/9.85%@FLCasino $81.8K/$4138/5.06%
13/x #GamblingTwitter
— Chris Altruda (@AlTruda73) September 12, 2022
Retail handle climbed 43.7% compared to July to $18.9 million, and operators kept $2.7 million of that in revenue thanks to a 14.2% win rate. It was the fourth time this year retail books had a collective hold of 10% or higher, and August’s strong effort lifted the year-to-date mark to 9.5%.
While Hollywood Casino in Lawrenceburg paced all in-person venues for handle with $5.4 million, Caesars Southern Indiana along the Indiana-Kentucky border was a surprising second with $3.5 million. It was the second-highest total for the venue in Elizabeth, trailing only the $3.9 million handle generated last October.
The two locations also finished 1-2 among all books for retail revenue, though Hollywood was the only one to reach seven figures at more than $1.1 million. The state’s two horse racing tracks and three Winner’s Circle locations could not keep pace with the casino sportsbooks in win rates, finishing at 8.1% to claim $423,200 from handle totaling $5.2 million. The August hold plunged more than six percentage points lower compared to July, but the 31% increase in handle softened the 26.4% month-over-month decline in revenue.
