Indiana Sports Betting Revenue Makes Big Year-Over-Year Jump In May

Posted on June 14, 2024 - Last Updated on June 16, 2024

Indiana sports betting in May was down from the previous month but significantly higher than a year earlier.

Bettors wagered $361.6 million in May, a 9% drop from April’s $393.9 million. The handle, however, was nearly 28% better than the $283.4 million wagered in May 2023.

The state’s licensed sports betting operators took in just under $39 million in adjusted gross revenue during May. The state’s tax yield was $3.7 million.

Even though the month-to-month handle was down, the significant year-over-year increase shows a robust Indiana sports betting market.

Monthly drop expected thanks to sports calendar

The annual gain is the more significant indicator of the market’s health. As we get deeper into the year and the calendar turns to summer months, the sheer number of sporting events to bet on becomes less plentiful.

April features the start of the Major League Baseball season, the end of the NCAA basketball tournaments, and the end of the regular season for the NBA and NHL. There are four major sports for gamblers to bet on.

However, by the time May comes around, the NBA and NHL playoffs start, meaning fewer games and college basketball is over. On a monthly basis, handle should decline further in June and July when most betting options are the MLB and WNBA games.

DraftKings leads in handle, FanDuel tops in revenue

May’s leaders in wagering and revenue mirrored those in April. DraftKings had the highest handle at nearly $134 million via its partnership with Ameristar Casino. That figure was 37% of the state’s total sports betting handle, the same as April.

As in the previous month, FanDuel, via its partner Blue Chip Casino, earned the highest revenue. FanDuel’s taxable adjusted gross revenue (AGR) was $15.9 million. DraftKings followed with $12.7 million.

FanDuel was second in handle with nearly $112 million. The operator also paid the most taxes, $1.6 million, followed by DraftKings’ $1.2 million.

Indiana Sports Betting May Revenue

LicenseeHandleTaxable AGRTax Yield
Blue Chip Casino$112,331,675 $15,854,013 $1,506,131
Ameristar Casino$133,996,178 $12,658,067 $1,202,516
Belterra Casino$31,703,464 $2,747,293 $260,993
Hollywood Lawrenceburg$23,984,981 $2,459,627 $233,665
French Lick Resort$22,169,518 $1,922,806 $182,667
Harrah's Hoosier Park$21,018,231 $1,586,070 $150,677
Bally's Evansville$6,642,312 $683,271 $64,911
Hard Rock Casino Northern Indiana$6,184,504 $554,618 $52,689
Horseshoe Indianapolis$1,109,566 $175,331 $16,656
Horseshoe Hammond$1,325,952 $163,472 $15,530
Caesars Southern Indiana$497,198 $91,812 $8,722
Terre Haute Casino$316,402 $51,790 $4,920
Rising Star Casino$310,167 $37,386 $3,552

Parlays and basketball lead wagering activity

With the NCAA basketball championships in April and the beginning of the NBA playoffs, it was no surprise that basketball was the top sport among bettors that month.

Parlays overtook hoops in May.

Parlays accounted for $102 million of sports betting handle in May, about 28%. Basketball was close behind with $97 million of all wagers, around 27%.

Here are the most popular types of bets made in May:

  • Parlays: $102 million
  • Basketball: $97 million
  • Other: $87 million
  • Baseball: $74 million
  • Football: $1.7 million
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Cheryl Coward

Cheryl Coward is a contributor for PlayIndiana with a background in sports journalism. She started her career as a news reporter in Washington, DC. She’s a die-hard women’s basketball fanatic and founded the website as a result of that passion.

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