DraftKings Sets New Bar For Mobile Sports Betting in Indiana

The return of NFL and college football action has been creating a predictable spike in wagering activity around the country and at the best sports betting apps, with Indiana sports betting the latest to see a major month-over-month surge.

With the huge jump in overall sports wagering activity in the Hoosier State came a new record for Indiana sports betting apps. DraftKings Indiana broke its monthly handle record last month, surpassing the previous-best monthly haul recorded in November 2021.

About that record

DraftKings Indiana enjoyed quite a month in September as one of the best sportsbooks. It produced the single-largest monthly handle of any Indiana sports betting app ever. The results in Indiana continued the provider's pursuit of FanDuel nationally as America's top legal sports betting destination.

DraftKings took in an impressive $169.2 million in bets alone during September in Indiana, besting its own previous record for a month. That was the $166.2 million that came way back in November 2021.

Revenues for the Indiana sports betting app also set a new bar in September. DraftKings claimed more than $15.1 million off its September handle, which is also a record for the company, eclipsing the $13.7 million in profits from September 2022.

FanDuel Indiana was second and reported a $124.1 million September handle. DraftKings and FanDuel combined to make up an impressive 72% of Indiana's overall September sports betting handle with the other betting sites trailing badly.

BetMGM Indiana checked in third with a $32.5 million September handle, Caesars Indiana was fourth with $25.3 million in September bets, and BetRivers Indiana was fifth with a $10.1 million September handle. The rest failed to hit the $10-million mark.

Indiana sports betting returns to $400 million

Indiana mobile sportsbooks and retail operators in the state combined to take in $404.1 million in bets during September, marking the first time since March that the sports betting industry hit the $400-million mark.

That's a whopping 69.8% spike from the $238,079,855 taken in by the state's sportsbooks in August and is up year-over-year as well. The $382,507,090 reported in September 2022 is 5.6% less than was recorded last month.

Indiana sports betting apps were responsible for $383.8 million of the overall $404.1 million handle.

Revenues climb too

Along with the month-over-month increase in overall sports wagering activity in the Hoosier State came a nice spike in sportsbook profits. Taxable adjusted gross revenue for Indiana sportsbooks was $41.1 million, which is a major jump from the $23.6 million reported in August. 

However, the $41.1 million is a year-over-year drop from the $50.55 million in revenues from September 2022. 

The Indiana sportsbook hold rate was 10.1% in September, a slight improvement from August's 9.9% but far below the 13.2% win rate from September of last year. Hence the dip in year-over-year sports betting profits.

Taxes collected from the Indiana legal sports betting scene, which includes Indiana sportsbook promos, came in at almost $4 million in September, up from $2.2 million in August. But because of that the lower year-over-year hold rate was less than the $4.86 million from September 2022.

Down the line

Indiana's legal sports betting industry should continue to sizzle through March. Football certainly helped in September, contributing $155.3 million in bets toward the state's overall handle. All other sports combined failed to hit that $155.3-million figure.

Basketball tips off this month and will seriously rival pigskin betting down the line. The combination of the two sports should keep Indiana above the $400-million handle mark through March and the NCAA Basketball tournament.

The only threat appears to be the launch and early success of Kentucky sports betting. Eyes will be on both jurisdictions in the coming months to see just what effect the Bluegrass State industry has on the Hoosier State.