Indiana Sportsbooks Stay Above $200 Million In July Betting Volume

Posted on August 11, 2023

The news wasn’t all bad for Indiana sports betting in July.

Typically the slowest month of the year, Indiana sportsbooks accepted $203.8 million in wagers in July. It was the lowest handle in 2023 and marks the 10th-straight month with declines in betting volume.

However, July’s Indiana sports betting handle dropped just 1.4% year-over-year, outperforming the state’s 10.7% drop in total handle for the year. Sportsbooks in Indiana have now registered $2.25 billion in wagers through the first seven months of 2023, compared to $2.52 billion a year ago.

Revenue increased, totaling $23.3 million (+22.1% MoM; +13.4% YoY). A substantial 11.4% hold fueled the gains, landing well above the industry average of roughly 8%.

Top operators continue to dominate

DraftKings and FanDuel maintained their control over Indiana’s sports betting market in July, combining to accept 69% of all wagers. They’ve now accounted for at least 67% of the state’s action for three straight months and are growing in a declining market.

Of the two, DraftKings Sportsbook Indiana has frequently led in total handle. Its $77.6 million (+29.1% YoY) handle in July continued that trend, besting the $62.7 million (+2.1% YoY) posted by FanDuel Sportsbook Indiana.

Revenue tells another story, though: FanDuel has consistently held a significant edge over its primary competitor. This was true once more in July, too, with FanDuel’s $8.5 million (+16.5% YoY) well ahead of DraftKings’ $7.4 million (+66% YoY).

Only two other operators reported seven-figure revenue totals in July, and both experienced significant yearly hits. Just three handled more than $5 million in wagers.

Four other sportsbooks handled at least $1 million in July:

Three categories split the action

With fewer sports on the nightly calendar, Indiana betting action was roughly split across three categories. Baseball’s $69.4 million wagers led the charts but showed 8.8% YoY declines.

All other sports received $62.9 million in bets, representing 10.7% YoY growth. This doesn’t include football’s $2.4 million, which fell -15.3% YoY. 

Parlay wagers totaled $56.2 million, up 5% YoY. The Indiana Gaming Commission separates parlays from individual sports since they can include bets from multiple sports.

July brings hope for the rest of 2023

July’s numbers came the closest to yearly growth in 2023, bringing hope in a year full of sharp declines. Sportsbooks faded a sub-$200 million handle, something they have not experienced since July 2021 and wish not to see again.

July should mark the year’s low point in terms of betting volume. Barring a catastrophic August, Indiana sportsbooks will break the trend of monthly declines. That said, August is historically slower than June, which registered a $224 million handle.

September brings a mixed bag. Football season will undeniably boost betting activity, but neighboring Kentucky will launch sports betting and threaten more of Indiana’s business. 

Kentucky’s impact will be minimal, especially relative to Ohio’s. Still, it adds to the uphill battle that Indiana sportsbooks face to produce a single month with yearly gains in 2023.

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Hill Kerby

Hill Kerby is a proponent of safe, legal betting, and is grateful to be able to contribute to growing the industry. He has a background in poker, sports, and psychology, all of which he incorporates into his writing.

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