Sports wagering operators in Indiana showed few signs of letting up on the public in October, claiming nearly $47 million in revenue according to figures released by the state’s gaming commission.
The figure was the third-highest in 38 months of wagering in the Hoosier State, trailing only the $51.2 million in winnings in September and the $47.7 million last November. Those are also the only three months statewide revenue eclipsed $40 million.
Operators had a 10.5% win rate in October, extending the run of double-digit holds to four months. It was nearly three percentage points lower than the all-time mark of 13.4% established last month and marked the ninth time overall it cleared 10%.
Traditional handle totaled $446.2 million, up 16.7% from September but down 3.2% from October 2021. The completed events handle was $445.8 million, with the most noticeable year-over-year declines coming in football and the catch-all “other” category. Football handle was 4.1% lower at $168.6 million, while “other,” which includes hockey, golf, tennis, soccer, and more, was down 8.5% at $61.4 million.
The state received $4.5 million in tax receipts from operators, lifting the total for the year to $28.9 million. That is $6.8 million ahead of last year’s total through 10 months and $160,000 shy of what was collected in all of 2021. Indiana also cleared $75 million in total tax receipts since launch, becoming the eighth state to reach that benchmark in the post-PASPA era.
Another month, another FD revenue record
October #SportsBetting numbers for #Indiana via the IGC, a 🧵. Mobile Han/Rev/WR by operator (1/4)@DKSportsbook $148.98M/$12.43M/8.34%@FDSportsbook $135.11M/$18.09M/13.39%@BetRivers $11.21M/$584.3K/5.21%@BetMGM $42.83M/$4.49M/10.15%
— Chris Altruda (@AlTruda73) November 10, 2022
FanDuel may have ceded the Indiana handle crown back to DraftKings, but it continues to be without peer for revenue. The online titan set an all-time state record for revenue for the second consecutive month, this time recording $18.1 million on the strength of a 13.4% hold on $135.1 million in accepted wagers.
FanDuel also topped $100 million in revenue for the year, eclipsing its total for all of 2021 while clearing the $1 billion mark for handle in 2022. DraftKings also vaulted over $1 billion in 2022 handle, pacing all mobile operators for October for the third straight month and finishing with $149 million. But bettors improved against that book compared to September, holding the win rate to a more pedestrian 8.3% while giving back $12.4 million to the house.
BetMGM joined FanDuel as top-tier operators that have posted 10%-plus holds for four consecutive months, landing at 10.5% to claim $4.5 million in winnings from $42.8 million handle. Caesars Sportsbook was unable to follow up its 11.1% hold from September, slipping to 7.4% as revenue dipped 26.1% to $2.4 million despite a 10.7% increase in handle to $32.6 million.
Barstool Sportsbook‘s handle was up slightly to $14.7 million, but a win rate plunge of more than five percentage points contributed to a 42.7% decline in revenue to $940,000. BetRivers cracked eight figures in handle for the first time since May at $11.2 million, lifting its total above $100 million for the year.
Hard Rock‘s second month of mobile action in the Hoosier State saw a 33.4% rise in handle to $8.8 million, but revenue dipped 61% to $465,000 as its win rate plunged close to 13 percentage points before landing at 5.3%. In its first full month of mobile wagering, MaximBet finished just shy of $400,000 handle while posting an 11.1% hold to claim $44,000 in revenue.
The overall mobile hold nudged just over 10%, with operators claiming $41.3 million in revenue off $412.7 million in wagers.
Retail side strong again
Brick-and-mortar sportsbooks again had a solid month in terms of hold, reaching 15.6% while extending their streak of double-digit win rates to four months. In that span, retail operators have claimed $17.4 million in revenue from $97.7 million handle for a 17.8% win rate.
Hollywood in Lawrenceburg continued to be the Hoosier State bell cow, finishing at $2.1 million to top $2 million for the second straight month. It paced all in-person books with $11.9 million in accepted wagers while clearing $90 million for the year.
The state’s two horse racing tracks and three Winner’s Circle locations accomplished a first with back-to-back holds of more than 20%. The five venues combined for $1.7 million in revenue — paced by the Clarksville Winner’s Circle with $737,000 — from $8.4 million handle for a 20.4% hold. It was the third time the horse racing venues reported a win rate of 20% or better, with the record of just under 25% set in the launch month of September 2019, followed by the 22.4% from this September.