It was the lowest operator revenue total in Indiana since the $15.8 million claimed for the same month last year. That light revenue number came through a combination of soft handle and solid wagering by the public, which limited the house to a 6.2% hold. There has not been a monthly win rate below 8.5% since, with June’s landing at 8.7% from $224.1 million wagered.
Year-over-year handle declined 12.6%, but revenue was up 23.4% as this year’s win rate was more than 2.5 percentage points higher. Both handle and revenue figures, however, declined steeply against May 2023’s figures, as wagering was down 21% and revenue was off 42% with June’s hold 3.2 percentage points lower.
Indiana did cross $2 billion handle for the 2023 calendar year — though the handle is 11.5% lower versus the $2.3 billion wagered in the first six months of 2022. But the much higher 9.3% hold this year thus far has contributed to an 18.6% rise in operator revenue to $189.6 million.
The state received $1.8 million in tax revenue for the month as Indiana became the ninth state in the post-PASPA era to surpass $100 million in total sports wagering taxes. The Hoosier State, which taxes adjusted gross revenue at 9.5%, joined Nevada as the only states among the nine to reach the milestone with a rate on all wagering revenue below 10%.
Parlays generate bulk of handle
With the lighter summer sports schedule and no notable local ties to the NBA or Stanley Cup finals, bettors found their action trying to package picks for big paydays. The $82 million wagered on parlays was easily the most among the five categories the IGC provides figures for in its monthly reports, with baseball a distant second at $65 million.
The catch-all “other” category, which includes hockey, golf, soccer, and auto racing, ranked third at $51 million. The IGC does not provide revenue totals with those handle breakouts, but if history allows for inference, then it stands to reason parlays provided the bulk of the revenue and that FanDuel fared well on such wagers.
The online titan paced the state’s 13 mobile sportsbooks with $8.4 million in revenue, piecing together a 12.1% hold from $69.4 million handle. It was the 12th consecutive month FanDuel had a win rate of 11% or higher, and during that span it claimed $164.9 million in winnings from $1.3 billion handle. Its year-over-year June revenue spiked 51.8% as this year’s win rate was an increase of more than five percentage points.
FanDuel ceded the handle crown, however, to DraftKings for June, as DK accepted $87.8 million worth of bets. It was the second state — New York being the other — where DraftKings took the top spot from FanDuel in June, but DraftKings’ 6.6% win rate in Indiana resulted in revenue totaling $5.8 million, well behind FanDuel on the revenue leaderboard.
BetMGM was the only other mobile operator to reach seven figures in revenue for June, finishing with $1.9 million from $20.3 million handle for a 9.4% hold. Caesars Sportsbook rounded out the quartet of books with at least $10 million handle, but its modest 4.8% win rate on $15.7 million wagered meant a return of just over $750,000.
Barstool Sportsbook posted its first monthly loss in Indiana as bettors came out $103,000 ahead from $4.4 million in wagers placed. The PENN Entertainment-powered sportsbook launched in the Hoosier State in May 2021, but the June handle was its lightest in 26 months of accepting bets. Barstool was not alone in taking an “L” for June, as Betway finished $2,361 in the red from $196,000 handle.
Wide variance at brick-and-mortar books
Though the overall picture of in-person wagering shows a solid performance by the house, which posted a collective 9.4% hold to claim $1.1 million from $11.3 million handle, operator results varied widely. Five operators had holds of 10% or higher, while four had sub-3% win rates.
Caesars Southern Indiana led all brick-and-mortar venues with $213,000 in revenue as it fashioned a robust 23% hold. On the other end of the spectrum was Blue Chip Casino, which eked out $1,504 in revenue from $386,000 worth of wagers for a 0.4% win rate.
The uneven results were also evident at the state’s three Winners Circle locations, with the Indianapolis venue recording a 1.9% hold on $1.4 million handle, while the New Haven spot had an 18.1% win rate to claim $43,000. They bracketed the always-popular Clarksville location, which had a 7.4% hold on $2.3 million handle. The three Winners Circle books and two racinos had a combined 6.6% hold on $5.2 million handle, while casino-based brick-and-mortar venues had an 11.9% win rate from $6.1 million in accepted wagers.