March had the third-highest Indiana sports betting handle in history.
Sportsbooks in the Hoosier State reported $500.8 million in betting volume in March, only the fourth time they have exceeded half a billion in monthly handle. Handle grew 22.5% from February’s $408.7 million and 15.7% from March 2023’s $432.7 million.
Sports betting adjusted gross revenue totaled $39.4 million, just a 7.9% hold. The low hold percentage resulted in only a 3.7% month-over-month adjusted gross revenue increase (from $38 million) and an 8% year-over-year decline (from $42.8 million).
Indiana taxes sports betting revenue at 9.5%, which resulted in $3.7 million in tax money going to the state.
DraftKings leads state in handle; FanDuel leads in revenue
DraftKings has generated the highest Indiana sports betting handle for 11 months since May 2023. Its $184.3 million was well clear of FanDuel’s $153.2 million, second-best in the state.
However, FanDuel Sportsbook Indiana has maintained a revenue edge for eight of those months, including March. FanDuel’s $13.9 million adjusted gross revenue (AGR) bested DraftKings Sportsbook Indiana’s $13.6 million for the month.
Nobody else came close to the top two. BetMGM Sportsbook Indiana finished third in monthly handle ($42.3 million) and AGR ($2.6 million).
Three more sportsbooks reported handles above $20 million:
- Caesars Sportsbook Indiana: $27.4 million handle; $1.5 million AGR
- ESPN BET Sportsbook Indiana: $21.2 million handle; $1.1 million AGR
- bet365 Sportsbook Indiana: $20.1 million handle; $1.35 million AGR
Fanatics generates eight-figure handle in its first month
Fanatics Sportsbook launched in Indiana at the end of February after acquiring PointsBet’s license. In March, it finished seventh in the state for total handle ($12.5 million) and AGR ($759K) during its first full month of operation.
Below Fanatics Sportsbook Indiana, three other sportsbooks finished with monthly handles in the millions.
- BetRivers Sportsbook Indiana: $10.3 million handle; $689K AGR
- Hard Rock Sportsbook Indiana: $7.9 million handle; $324K AGR
- Bally Bet Sportsbook Indiana: $4.7 million handle; $317K AGR
Betting volume strong in all categories
Three of the five betting categories in the Indiana Gaming Commission’s monthly report generated handles well above $100 million in March.
Basketball had the highest volume of individual sports, with $167.9 million. Parlays accounted for another $148.1 million, and all other sports added another $173 million.
The start of the baseball season generated another $9.9 million in wagers, and football accounted for the remaining $1.7 million.
Indiana sports betting rebounding in 2024
With March’s numbers, Indiana sportsbooks have generated nearly $1.39 billion in handle to start 2024.
Those numbers build off a solid finish to 2023, which resulted in a $4.34 billion handle for the year. However, 2023’s handle fell 3% year-over-year from the $4.47 billion in 2022, impacted by the launch of Ohio sports betting.
Cumulative handle through March over the last three years:
- 2024: $1,390,006,148
- 2023: $1,216,052,341
- 2022: $1,386,050,535
The next several months will see decreased sports betting volume. Sportsbooks won’t expect to see month-over-month increases in many categories. However, everything will be great if they continue to post year-over-year gains.
