Sports betting operators in The Hoosier State are glad to see that football is back.
Sports betting in Indiana saw a significant boost in August, with the Indiana Gaming Commission (IGC) reporting its highest sports wagering figures since May.
The Indiana Gaming Commission reported a little more than $32 million in adjusted gross sports betting revenue, boosted by nearly $3 million in operator adjustments. Revenue increased by more than 36% compared to last August. Indiana’s handle rose 29% to nearly $308 million, pushing the state’s total accepted wagers in 2024 to over $3 billion.
The 10.4% hold, including adjustments, marked the fourth consecutive month of double-digit holds.
Sports Betting in Indiana Started Strong, Remains Strong
Over five years of commercial sports wagering, Indiana has generated almost $18 billion in handle and nearly $1.6 billion in adjusted gross revenue. With a 9.5% tax rate, the state has collected just under $150 million in taxes since 2019. Indiana collected more than $3 million in state taxes in August alone.
The August handle topped July’s $261.1 million by nearly 18%, while revenue saw a 10% month-over-month improvement. These figures highlight a robust growth trend in Indiana’s sports betting market, driven by increased participation and higher stakes.
A Record-Breaking Year for Indiana Sports Betting
The total sports betting action in Indiana has now eclipsed the $3 billion mark through the first eight months of 2024. This milestone represents a 21% increase compared to the same period last year, showcasing the rapid expansion and popularity of sports betting in the state.
Indiana’s sports betting market saw a 28% surge in volume, fueling optimism for a strong Fiscal Year 2025. The total handle for FY 2024 reached $4.74 billion, marking an increase of nearly 13% from fiscal year 2023’s $4.2 billion.
The consistent growth in handle and revenue indicates a thriving market that continues to attract bettors and generate substantial income for operators.
Which Operators Fared The Best?
Of course, sitting atop the leaderboards are sports betting giants DraftKings and FanDuel. DraftKings led in handle, but FanDuel topped revenue with almost $13 million from a 12.2% hold on a little more than $934 million in wagers. BetMGM maintained a win rate of nearly 10% for the second consecutive month, generating $3 million in revenue from a handle of just under $31 million. Caesars Sportsbook ranked fourth in revenue for August, with $1.4 million from $16.8 million in bets and an 8.5% hold.
Indians Sports Betting Showing No Signs of Letting Up
As Indiana’s sports betting market continues to grow, the future looks promising.
The state’s regulatory framework, combined with the competitive landscape of sports betting operators, sets the stage for sustained growth. With the college football and NFL seasons underway and basketball set to return shortly, the coming months are expected to bring even higher wagering figures and revenue.
August was a remarkable month for sports betting in Indiana, with record-breaking figures and a strong upward trajectory. The state’s sports betting market is thriving, and all signs point to continued growth and success in the future.
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