July is the slowest month of the year for Indiana sportsbooks dating back to 2021, and this year was no different.
Regardless, the Hoosier State’s sportsbooks accepted $261.1 million in wagers, a 28.1% increase from July 2023. Taxable revenue totaled $29 million, up 24.9% from a year ago, resulting in a $2.8 million monthly tax bill.
Nearly all of those totals came from mobile wagers. Indiana online sportsbooks handled $254.9 million (97.6%) in July and reported $28.4 million (97.8%) in revenue, resulting in an 11.1% monthly hold.
DraftKings leads handle, out-Dueled in revenue
Nearly every sportsbook showed year-over-year improvement in July. Two operators dominated the Indiana sports betting market in July, combining for more than two-thirds of all wagers.
DraftKings Sportsbook Indiana led the state in betting volume, accepting $94.4 million in wagers. FanDuel Sportsbook Indiana was second with $77.9 million. DraftKings handled more wagers than all remaining operators in the state other than FanDuel.
However, FanDuel edged DraftKings in revenue, $10.5 million to $10.1 million, despite DraftKings handling 21% more wagers.
Fanatics, which acquired PointsBet last year, had $10.7 million in handle and improved by 183% yearly from PointsBet’s $3.8 million. ESPN Bet handled just under $7 million and improved by 86.5% on its $3.7 million handle a year ago while operating as Barstool Sportsbook.
Two sportsbooks had yearly declines, one coming alongside a departure from the market. BetRivers saw its handle plummet by 30.9% year-over-year, and Betway’s handle fell by 64.4% as it shuttered operations midway through the month.
Lastly, new operators within the last year showed differing degrees of success. Launching in January, bet365 had $13.1 million in handle, the fifth-best in the state. Meanwhile, Bally Bet handled just over $1 million in wagers and made less than $40,000 in revenue.
Indiana Sports Betting in July
| Sportsbook | Handle | YoY % Change | Revenue |
|---|---|---|---|
| DraftKings | $94,393,610 | 21.7% | $10,075,750 |
| FanDuel | $77,947,545 | 24.3% | $10,493,419 |
| BetMGM | $25,408,576 | 34.3% | $2,493,832 |
| Caesars | $16,098,440 | 2.5% | $1,652,980 |
| bet365 | $13,098,180 | N/A | $1,222,892 |
| Fanatics | $10,676,856 | 182.8% | $1,162,781 |
| ESPN Bet | $6,964,903 | 86.5% | $735,921 |
| Hard Rock Bet | $4,741,954 | 139.3% | $227,635 |
| BetRivers | $4,236,772 | -30.9% | $278,560 |
| Bally Bet | $1,014,979 | N/A | $39,029 |
| SBK | $182,190 | 16.6% | $18,152 |
| Betway | $118,070 | -64.4% | $1,482 |
Wagers spread across the board
The Indiana Gaming Commission’s monthly report broke down July’s betting volume by five different sporting categories. Three of those five categories drew between $70 million and $80 million in wagers.
Indiana sportsbooks accepted $73.8 million in wagers on baseball, the most wagered-on individual sport. Parlays comprised another $76.7 million, treated as a separate category since parlay wagers can span multiple sports.
Finally, just under $80 million was wagered on all “other” sports besides football and basketball. Basketball had a $27.4 million handle in July, and football made up the final $2.9 million.
An encouraging start to the new fiscal year
The 28% growth in Indiana sports betting volume gives the state’s sportsbooks hope for a robust Fiscal Year 2025. FY 2024 handle totaled $4.74 billion, a 12.7% improvement from the $4.2 billion in FY 2023.
Indiana was one of the first states to legalize sports betting, opening its first sportsbooks in 2019. While its market has grown significantly since then, it has had to overcome a reliance on out-of-state business as all of its neighboring states have also entered the market.
This is especially true for Ohio, which launched on Jan. 1, 2023.
Ohio’s first six months in operation – the second half of FY 2023 – had such an impact on Indiana that its fiscal year handle fell by 5.9%. Indiana sportsbooks had $4.46 billion in handle in FY 2022.
Indiana sportsbooks righted the course in FY 2024 after a down year in FY 2023. Now, they appear stronger than ever, with football season just around the corner.
