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Indiana Sportsbooks Finish Up 2022 On Strong Note

Operator win rate for the final half of the year lands at 10.5% on $2.1 billion wagered

Chris Altruda by Chris Altruda
January 13, 2023
in Industry
Indiana December 2022 revenue report

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The Indiana Gaming Commission reported sports wagering operator revenue totaling $42.7 million for the month of December, as the house came up just short of its fifth double-digit win rate in the final six months of 2022.

The dollar amount was the fourth-largest in 40 months of wagering in the Hoosier State, with four of the state’s five top totals coming in the final four months of the year. December’s revenue was 6.9% higher than November’s total of nearly $40 million and 65.8% better than the same month in 2021.

Handle slid to $431.4 million, still enough to enter the top 10 at eighth overall in the state’s history. It was 4.6% lower compared to November and 6.8% off of December 2021’s handle. The overall amount of wagers accepted in Indiana for the year finished just shy of $4.5 billion, an increase of 16.7% compared to 2021’s total of $3.8 billion.

Revenue was up 26.5% for the calendar year to $387 million, with the 8.7% win rate two-thirds of a percentage point higher than 2021. The state exceeded $4 million in monthly tax receipts for the fourth time in state history, and the $36.8 million in tax revenue generated from sports wagering for the year was $7.7 million more than 2021.

A tale of two halves when it comes to revenue

December #SportsBetting 🧵for #Indiana via IGC.
Mobile/Retail Han/Rev/WR:

Mobile: $396.68M/$39.06M/9.85%
Retail: $34.74M/$4.5M/12.94%
Retail at WC/Racetracks: $7.96M/$1.44M/18.1%

3/x #GamblingTwitter

— Chris Altruda (@AlTruda73) January 12, 2023

The theme of strong operator second halves is playing out across multiple states when it comes to sports wagering in the U.S. for 2022, and Indiana was no different.

From January through June, operator revenue in Indiana totaled $160 million from $2.3 billion in accepted bets, creating a 6.9% win rate that was just shy of the 7% industry standard. The second six months, driven more by parlays and NFL wagering, saw the house flip the script and pound the betting public.

Revenue was 42.1% higher at $227.1 million despite handle being 6.6% lower at $2.2 billion. The cumulative house win rate from July through December was above 10.5%, highlighted by September’s rout of the Indiana betting public at 13.4%.

Despite being separated by $50 million in handle for the year, as both mobile titans cleared $1.3 billion in accepted wagers, the gulf in revenue between FanDuel and DraftKings nearly equaled that amount. FanDuel had double-digit holds in each of the last six months of the year, with December’s 10.6% the worst of the bunch. Still, it helped the house claim close to $15.9 million.

FanDuel’s $139.8 million in Hoosier State revenue for 2022 was $39.2 million more than its eternal rival. DraftKings squeaked into nine-figure territory at $100.6 million, wrapping up the year with $12.4 million in revenue from $134.8 million handle for a 9.2% win rate.

BetMGM was a strong yet distant third in both categories, with its handle crossing $500 million for the year with a final-month handle of $41.8 million. It also finished the year with a hold of over 10% and a six-month run of double-digit win rates, surpassing $50 million in revenue with December’s haul of $4.8 million.

Caesars Sportsbook had a solid recovery from a tough November, with revenue up $1 million to $2.5 million despite handle slipping 13.7% to $31 million. Barstool Sportsbook made a compelling argument to be considered the No. 5 mobile book in Indiana, reaching eight figures in revenue for the year with $11.1 million while clearing $150 million in handle.

BetRivers and PointsBet were the only other operators to reach nine figures for 2022 handle at $134.1 million and $106.9 million, respectively. BetRivers also held off the Aussie-based book for the No. 6 spot in revenue by roughly $120,000 with more than $7.8 million.

Among the four new entrants into the Indiana mobile wagering space, Hard Rock made the biggest impact with $27 million handle in its first four months. It posted a robust 10.8% win rate while claiming more than $2.9 million in revenue in that span.

Overall, mobile handle surpassed $4.1 billion for 2022, with operators keeping $347.8 million in revenue for a hold slightly better than 8.4%.

Banner year for brick-and-mortar books

Retail casino wagering — be it at casino sportsbooks, racinos, or the three Winner’s Circle locations statewide — proved to be a solid play for the house.

Brick-and-mortar sportsbooks accounted for $39.8 million in revenue thanks to an 11.6% hold on $343 million wagered. The two racinos and three Winner’s Circle venues outpaced casino books in win rate at 12.5%, claiming $10.7 million in revenue from $85.9 million in accepted wagers.

Retail sportsbook revenue in Indiana always begins with Hollywood Lawrenceburg, which was the only in-person venue to clear $1 million in monthly revenue statewide in December with $1.2 million. The PENN Entertainment and Barstool-powered sportsbook finished 2022 with $13.7 million in revenue, down 19.5% from 2021 as its win rate slipped nearly two full percentage points to 11.8%, in addition to a 7.3% decline in handle to $116.5 million. The new year also brings new challenges to the venue, as Ohio bettors no longer have to cross the state line to make wagers with the launch of sports wagering in the Buckeye State on New Year’s Day.

Four other brick-and-mortar books topped $1 million in revenue for the year, with Horsehoe Hammond leading the group at $4.1 million. It held off neighboring Ameristar Casino in East Chicago by less than $95,000 for the No. 2 spot, as Ameristar finished within $31,000 of $4 million.

Caesars Southern Indiana was the only other venue to clear $3 million, while Bally’s sportsbook in Evansville rang up $1.6 million in winnings. More than $1 million of that total came from August through December, thanks to an 18.2% hold.

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Chris Altruda

Chris Altruda

Chris Altruda has been a sportswriter with ESPN, The Associated Press, and STATS over more than two decades. He recently expanded into covering sports betting and gambling around the Midwest. His Twitter handle is @AlTruda73 and can be reached via email at caltruda@bettercollective.com

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