- Indiana attached $452.3 million worth of sports bets in November to bring its all-time handle to over $10 billion since launching sports betting in 2019.
- FanDuel was the state’s top-performing online sportsbook with $18.3 million in November AGR.
- Hollywood Casino in Lawrenceburg led all retail locations with $1.2 million in AGR for November.
Indiana reached the $10 billion mark in all-time legal sports betting handle after writing a total of $452.3 million in sports bets in November.
The Hoosier State thus joins Illinois, New Jersey, New York, Pennsylvania, and Nevada as the only U.S. states to clear the $10 billion all-time handle mark. It is also the 8th U.S. state to hit the $4 billion mark as far as the total 2022 betting handle is concerned.
ovember #SportsBetting numbers for #Indiana via IGC, a 🧵. All-time thru 11/22
Handle: $10,070,501,877
Revenue: $830,327,186
Win Rate: 8.25%
Taxes: $78,881,069Story to come on @sports_handle
12/12 #GamblingTwitter
— Chris Altruda (@AlTruda73) December 12, 2022
November’s Handle Was 6th-Highest in State History
Last month’s total betting handle was also the 6th highest in the 39-month history of legal sports betting in Hoosier State. It was a 1.4% increase from October’s $446.2 million but was lower than November 2021’s $463.7 million. In September 2022, the state recorded a total of $382.5 million in sports bets taken.
November’s revenue total was the 4th highest in state history but Indiana sports betting operators missed a third consecutive month with $40 million in revenues, coming up short by $30,000 after posting a hold of 8.8%. The state’s sportsbooks combined for an AGR of $46.5 million in October and set a state monthly revenue record with $47.7 million in November 2021. The win rate for those two months was well above 10%.
The state also received close to $3.8 million in tax receipts for November. To date, the total taxes generated by legal sports betting has reached $32.7 million. That represents an increase of $6.1 million from the same period last year or a 22.9% year-on-year increase in AGR. Meanwhile, the total betting handle for the first 11 months of 2022 is nearly 20% above last year’s pace.
FanDuel Leading the Way in Indiana
As it has done in the previous two months, FanDuel broke the Indiana record for monthly revenue with $18.3 million in November AGR. The said sportsbook wrote a total of $141 million worth of sports bets and had an impressive win rate of 13%. November also marked the 5th straight month where FanDuel has registered a hold of at least 11.7% and it has racked up a total of $68.5 million in revenue during that stretch.
Meanwhile, DraftKings led all Indiana sportsbooks with a total betting handle of $143.8 million in November but with a 6.7% win rate which was nearly half of FanDuel’s, it missed the $10 million revenue mark for the first time since August with a mere $9.6 million AGR. DraftKings has $53.8 million more in the total handle than its rival this year but FanDuel has posted $35.6 million more in revenues during the same period.
BetMGM attracted $44.4 million worth of sports bets for November 2022. By doing so, it joined DraftKings and FanDuel as the only legal Indiana sports betting operators to hit the $1 billion mark in all-time betting handle. BetMGM also enjoyed a double-digit hold for the 5th consecutive month with 11.1% in November. The operator posted $4.9 million in revenues.
Retail Sportsbooks Revenue Has Fall-Off
Retail sportsbooks saw their aggregate revenue fall off 42% versus October at $3.2 million and their combined win rate also dropped below 14.2% for the first time since June. Brick-and-mortar sportsbooks, however, accepted $36.6 million in wagers last month, a 2.8% increase against October but was 10.3% lower than November 2021’s $40.8 million.
Hollywood Casino in Lawrenceburg paced all retail locations with $1.2 million in revenues although that figure was down by 40.3%. It also led all casinos with a total of $12.3 million in monthly handle, enabling the casino to reach at least $100 million in betting handle for 2022.
On the other hand, the state’s two racinos – Harrah’s Hoosier Park and Horseshoe Indianapolis, both posted losses in the same month for the first time since the COVID-19 impacted periods. Harrah’s suffered its biggest loss ever with bettors coming up $110,000 on the plus side on the total $1.2 million in handle while Horseshoe Indianapolis was down $33,000 on its $1.4 million handle.
