Indiana is continuing to grow as a regulated sports betting market following the release of the state’s latest monthly revenue report.
According to data provided by the Indiana Gaming Commission, the state’s operators closed September 2024 with a $483.8 million handle, up from $404 million for the same month last year. The results in September generated $53 million in taxable adjusted gross revenue. By comparison, adjusted gross revenue in September 2023 reached $41 million.
Last month, Indiana operators paid $5 million in taxes to the state and local governments. In September 2023, the state and local governments received $4 million from operators.
DraftKings reigns in Indiana
Ameristar Casino partner DraftKings led Indiana sportsbooks for handle in September 2024 with the Boston-based operator accepting $192 million in wagers during the month. The results generated $18.6 million in adjusted gross revenue with taxes at $1.7 million. By comparison, DraftKings posted a $171.2 million handle in September 2023 with adjusted gross revenue at $15.6 million. That month, DraftKings paid $1.4 million in taxes.
FanDuel, a Blue Chip Casino partner, finished second in handle for September 2024. Last month, the Flutter-owned brand reported a $149 million handle compared to $124.7 in September 2023. FanDuel generated $17.3 million in adjusted gross revenue in September 2024 with taxes closing at $1.6 million. By comparison, FanDuel saw adjusted gross revenue close at $15.1 million in September 2023 with taxes at $1.5 million. Despite the growth, Blue Chip would overstate taxes for September 2023 by roughly $70,000.
BetMGM remained far behind DraftKings and FanDuel in September despite ranking third in the state for handle. The Entain and MGM Resorts joint venture reported a $37.1 million handle during the month. By comparison, its handle in September 2023 was $33.6 million.
BetMGM generated $5.1 million in adjusted gross revenue in September 2024, up from $3.7 million for the same month last year. Last month, taxes for the operator closed at $484,937. In September 2023, BetMGM paid the state and local governments $357,194.
Emerging sportsbooks in Indiana
Indiana is also home to a group of emerging operators that are working to gain traction with bettors nationwide. Late last year, Fanatics Sportsbook and ESPN Bet launched operations in the Hoosier State as rebrands and takeovers of previously licensed brands.
Fanatics, a restructuring of PointsBet’s U.S. operations, reported a $20.1 million handle in September 2024 with the sportsbook closing the month with $1.9 million in gross receipts. By comparison, PointsBet posted a $7.5 million handle in September 2023. That same month, the Australia-based sportsbook reported $697,347 in gross receipts.
ESPN Bet has yet to catch up with Fanatics’ results in Indiana. The rebrand of Barstool Sportsbook reported a $12.5 million handle in September 2024 with gross receipts at $1.2 million. By comparison, Barstool posted a $8.8 million handle for the same month last year. In September 2023, Barstool saw gross receipts for the month close at $535,267.
ESPN Bet has also yet to catch up with bet365. In January, bet65 launched operations in Indiana through a market access agreement with French Lick Casino marking its eighth U.S. state for online sports betting. Last month, bet365 posted a $21 million handle ranking fifth in the state behind DraftKings, FanDuel, Caesars and BetMGM.
In September 2024, bet365 closed the month with $2.4 million in gross receipts.
The September results in Indiana come after the termination of BlueBet’s market access agreement with Horseshoe Hammond Casino in the state. In July, the Australian bookmaker and online gambling operator made the decision to no longer consider Indiana as its latest market following a strategic review of the company’s North American operations. The review led BlueBet to shutter operations in licensed U.S. markets.
Indiana has also seen WynnBet and Unibet exit the state’s sports betting market.
