Indiana is quickly establishing itself as a sports gambling powerhouse thanks to the rollout of mobile betting. Revenue figures released by the Indiana Gaming Commission on Friday reveal that the state’s wagering handle nearly tripled in October, which was the first month of online operations.
According to the IGC, Hoosiers wagered $91.7 million through the state’s sportsbooks in October, a 161 percent jump over the $35.2 million handled in September.
The operators reported a total of $11.5 million in gross revenue, translating to 12.54 percent in hold percentage. The sportsbooks’ revenue for October was $2.9 million or 33 percent higher than the $8.6 million won in September.
The industry generated around $1.1 million in additional revenue for the Indiana state government, thanks to a 9.5 percent tax rate for sports betting operators.
Land-based vs. Mobile
Indiana’s online wagering market was off to a lucrative start, having accounted for more than 52 percent of the sports bets placed by Hoosiers in October.
According to the revenue report, the collective handle posted by the three online sportsbooks in the state was $48.01 million, yielding $4.2 million in gross revenue for the operators. The value of bets processed by the licensed physical sportsbooks was almost $43.7 million.
DraftKings Is King Of Indiana Sports Betting
DraftKings Sportsbook and its land-based partner, Ameristar Casino in East Chicago, led the state in both wagering handle and revenue in October.
The total value of bets processed by Ameristar Casino was around $46.2 million, which is about 50.1 percent of the state’s handle. Online customers who placed their bets using the DraftKings website and betting app accounted for $39.3 million or 85 percent of these wagers. The operator held onto $5.03 million of the total bets.
The Caesars Entertainment-owned Horseshoe Hammond Casino had the second-highest handle and revenue numbers at $10.7 million and $1.72 million, respectively. The venue is yet to launch a mobile sportsbook, but its proximity to downtown Chicago makes it a prime destination for Illinois residents who want to drive in and place a legal wager on sports.
French Lick Resort, which partners with Rush Street Interactive, reported the third-highest handle in Indiana after processing $7.06 million worth of bets in October. Wagers through the BetRivers.com app accounted for $6.3 million or 89 percent.
The Boyd Gaming-operated Blue Chip Casino in Michigan City posted $6.93 million in sports betting handle and $903,326 in revenue. Its sister property, Belterra Casino in Florence, handled $812,130 in total bets and won $154,112.
Blue Chip’s online partner, FanDuel Sportsbook, processed $2.4 million worth of bets during the month despite joining the market on Oct. 22.
Football Betting Handle Hits $41 Million
As expected, football was the most popular market for Indiana bettors at $41.1 million or 45 percent of the state’s handle. The figures jumped almost 100 percent from the $20.7 million handle posted in September.
Parlay betting came second with a total of $20.4 million in handle, up from the $9.8 million reported in the previous month.
The total value of wagers placed on baseball events was $10.5 million, while the handle for basketball was $6.2 million.