It was another winning November for top-rated sportsbooks, this time in Indiana, where the sports betting platforms reported a combined handle in excess of $614 million, a record in the Hoosier State.
November Handle Soars
October was a record-setting betting month for Indiana sportsbooks, posting a combined handle of $573.9 million in wagers. However, that record didn’t last long, as the new record was set in November when the sportsbooks posted a $614.3 million handle, a 14% increase over the previous month.
Sports betting records have been smashed throughout the nation in November, and Indiana was no different. Due to the confluence of NFL, college football, and the first full month of NBA and NHL games, there is no dearth of betting opportunities for those looking for sports betting action.
According to the Indiana Gaming Commission, the collective hold or win rate rose significantly from 6.5% in October to approximately 11% in November. The combination of a higher handle and hold triggered nearly double the adjusted gross revenue from October’s $35 million to a whopping $68.5 million in November.
The sportsbooks weren’t the only beneficiaries of the blockbuster month, as the state pocketed $6.5 million compared to October’s haul of $3.3 million.
Leaders Swap Places
Indiana’s October report revealed DraftKings as the handle leader, while FanDuel led all challengers with the highest revenue due to a higher hold than its Boston-based rivals. However, November saw just the opposite as FanDuel posted the highest handle of $214.4 million compared to DraftKings’ $205.4 million in accepted sports bets.
Yet, in the category that counts, it was DraftKings winning the day with an adjusted gross revenue of $25.8 million compared to FanDuel’s $23.6 million. Both sportsbooks routinely dominate the nation’s sports betting markets, and Indiana is no exception to the rule.
BetMGM was the leader in the next tier down with a $47.6 million November handle producing $5.6 million in adjusted gross revenues.
The betting markets showed football led all other sports with 30% of the wagers, which was buoyed by the success of the Indiana Hoosiers college football team. The Hoosiers are currently ranked No. 10 in the nation and competing for a national title. A first-round date with Notre Dame is looming as the teams will battle on December 20th with the winner advancing to the next round.
Basketball was a close second, comprising 25% of the combined betting handle. But the cash cow for all sportsbooks and the one most intriguing to sports bettors, parlay wagering, accounted for 33% of the gross betting handle in November.
