$409 Million February Sets Indiana Up For March Madness Boom

Posted on March 11, 2022

The Super Bowl helped Indiana rack up over $409 million worth of February sports betting wagers.

That handle was a step back from January’s record-breaking $500 million haul. February didn’t have five full weekends of NFL games, so the small drop wasn’t unexpected.

Football may be out of the picture for now, but basketball is more than capable of doing the heavy lifting for Indiana sports betting. That’s especially true with March Madness right around the corner.

Indiana February 2022 sports betting handle

Indiana’s February handle generated about $17 million worth of sports betting revenue for gambling companies. That added up to over $1.6 million worth of taxes for the state of Indiana.

Here’s a quick look at the breakdown for the market’s February:

LicenseeOnline Brand(s)HandleRevenueHoldTaxes
Ameristar East ChicagoDraftKings | theScore Bet$127,424,524$7,351,7695.8%$618,852
Blue ChipFanDuel$108,101,238$4,977,5314.6%$46,563
BelterraBetMGM | Betway$53,803,542$3,886,4757.2%$369,215
Harrah's Hoosier ParkCaesars$46,002,793$2,050,8914.5%$194,835
Hollywood LawrenceburgPointsBet | Barstool$38,689,451$2,344,6806.1%$185,333
French LickBetRivers$14,431,578$744,2055.2%$62,461
Horseshoe HammondUnibet$6,926,863$425,6856.1%$39,324
Rising StarWynnBet | TwinSpires$4,462,935$164,2863.7%$14,599
Winners Circle Clarksville$3,081,049$221,5947.2%$42,430
Caesars Southern Indiana$1,930,658$243,15912.6%$32,003
Bally's EvansvilleBally Bet$1,745,886$64,9973.7%$12,166
Winners Circle Indianapolis$1,175,878$37,8593.2%$3,597
Winners Circle New Haven$755,548$20,8222.8%$2,754
Indiana Grand$577,160-$137,822-23.9%-$13,093

Super Bowl helps out February numbers

The Super Bowl is one of the biggest sports events of the year. Betting on the big game certainly helped Indiana’s sports betting market during February.

Hoosiers wagered $30 million on football last month, which made it the second-most popular sport for wagering in the state. Here’s a quick look at the February breakdown for Indiana’s market:

  • Football: $30.1 million
  • Basketball: $201.9 million
  • Baseball: $97,000
  • Parlay: $101.3 million
  • Other: $74.2 million

Football certainly played a role in February’s $409 million handle, but it’s hard to know exactly how much of that came from Super Bowl betting.

Indiana’s revenue reports only release information for overall sports, rather than individual games or events.

Despite that, we can still get a pretty good feel for how much money Hoosiers bet on the Super Bowl.

Since the Super Bowl was the only NFL game taking place throughout the month, it’s safe to say that the vast majority of football’s $30 million handle came from betting on the big game.

Indiana teams in March Madness

We’re officially in the middle of basketball’s time to shine.

Hoosiers love betting on hoops, and the state’s obsession for the game extends past the normal level of interest around the country.

Basketball has been the most popular sport for gambling in Indiana since December. That’s about to shoot to another level thanks to March Madness betting.

The NCAA Tournament is the biggest sports betting event of the year, even larger than the Super Bowl. Having so many games taking place over the course of a few weeks really adds to the numbers.

All of March Madness might not be taking place in Indiana this year, but the 2022 tournament will still hold a special significance for Hoosiers.

That’s because most of the state’s favorite teams are in the mix this season. IU, Purdue and Notre Dame are all likely candidates to be a part of the big dance.

Room left for sports betting to grow

Indiana gamblers wagered over $161 million on basketball during March 2021. That’s a big number, but Indiana’s sports betting market has grown since last year.

At the time, Indiana’s record handle for a single month was January 2021’s $347 million.

February 2022’s $409 handle wasn’t even an all-time-high for Indiana, and yet it’s still eclipsing the previous record from the same stretch last year.

To put it simply: there are more Hoosiers betting on sports right now than there were at this time in 2021. The growth in the market overall is enough to bridge the gap between a normal March Madness and last year’s all-in-Indiana special.

Because of that, sportsbooks in Indiana can expect to beat last year’s March Madness numbers by a wide margin. Basketball wagers should be well north of the $200 million mark on next month’s report.

That might not be enough to spur a new record for the state, but at the very least, the March Madness boom should help make up for the loss of football’s numbers.

Photo by Dreamstime
Jake Garza Avatar
Written by
Jake Garza

Jake Garza is a US Gambling Industry Analyst for Catena Media. He specializes in Midwest sports betting and casino content. Prior to covering the legal gambling industry, he spent time as a professional sports writer, reporting on teams such as the Cincinnati Bengals, Indianapolis Colts and Indiana Pacers. Garza is currently working as a Managing Editor for PlayIndiana and PlayOhio, with previous stops at other well-known brands such as PlayIllinois and PlayMichigan. He has been covering the gambling industry since 2019, and currently works with a team of other journalists to provide comprehensive coverage of the legal U.S. gambling industry.

View all posts by Jake Garza