Sportsbooks See Monthly Drop, But Still Healthy With $394 Million April Handle

Posted on May 14, 2024

Despite a significant drop last month compared to March, April’s sports betting handle in Indiana was up more than 20% year over year.

Bettors wagered $393.9 million in April, a 21% drop from March’s $500.8 million but 23% better than the $321.4 million wagered in April 2023. That led to operators taking home $37.1 million in adjusted revenue last month and the state collecting $3.5 million in taxes.

The year-over-year increase constitutes a vibrant Indiana sports betting industry.

DraftKings Enjoys Highest Handle; FanDuel Collects Most Revenue

Out of the 13 online sports betting operators in Indiana, two stand above the rest: DraftKings and FanDuel.

DraftKings Indiana, through its partnership with Ameristar Casino, continued its reign as the most popular sports betting operator in April. DraftKings took in $145.7 million in wagers last month, 37% of the statewide total.

Unfortunately for DraftKings, that did not generate the most revenue in April. FanDuel Indiana collected $15.3 million in revenue from a handle of $129.1 million in April. DraftKings realized $12.6 million in adjusted revenue with its partner Blue Chip Casino.

Still, it was a whopping 44% year-over-year increase in handle for DraftKings and a 42% increase in revenue compared to a year earlier. FanDuel’s April handle rose 22% annually ($106 million) and revenue increased by a massive 72% ($8.9 million).

Most of Indiana’s sports betting operators took in more than $1 million in wagers in April:

Basketball and Parlays Lead Betting in April

Parlays continued to be one of the most popular options for sports bettors in April, but wagers on basketball led betting last month.

The NBA playoffs began in April, helping to make basketball the most bet-on sport, with $121.5 million, or 31% of all wagers, not including parlays with NBA legs.

The second-most popular option in April was parlay bets with $116.8 million of wagers.

Across the US so far in 2024, parlays represent 37% of all bets placed, for a handle of about $1.5 billion. The next most popular bet type in the year’s first four months is on basketball, with $976.3 million.

Tax Revenue in April 31% Higher Year-Over-Year

April sports betting tax revenue in Indiana slipped compared to the prior month, but it was still significantly higher than the previous April.

Last month, the $3.5 million paid to the state was 31% ($2.8 million) higher than in April 2023.

FanDuel paid the most in taxes in April at nearly $1.5 million. DraftKings came in third with $1.2 million. The only other operator to pay at least $250,000 in taxes was Belterra Casino with $289,365 of tax contributions.

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T.J. McBride

T.J. McBride is a writer and reporter based in Denver who covers the Nuggets as a beat writer. He regularly contributes to PlayIndiana on issues surrounding the online gambling market. His byline can be seen at ESPN, FiveThirtyEight, Bleacher Report and others.

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