Indiana experienced a major milestone for sports wagering on Monday, becoming the sixth state in the post-PASPA era to hit $10 billion of all-time handles. This was achieved when the Indiana Gaming Commission reported that more than $452.3 million in wagers were accepted in November alone.
This is a fantastic achievement and marks a new high point for Indiana’s sports betting industry, with the state having now achieved one month that surpasses last year’s record. All signs indicate that Indiana will continue its impressive growth and could become an even bigger hub for sports wagering in 2023.
Indiana Has Made Impressive Progress In The Past Three Years
In a major milestone, the Hoosier State joined an exclusive group of states like New Jersey, Nevada, Pennsylvania, Illinois, and New York in its wagering industry. It took only 39 months for Indiana to launch in September 2019 and managed to become the 8th state to clear a $4 billion handle by 2022.
Although November’s handle ranked sixth all-time in state history, operators fell just short of posting the third consecutive month of $40 million in revenue. 8.8% hold from November was lower than both October’s $446.2 million and the then-record $47.7 million of November 2021 with its win rate being north of 10%, creating a noticeable falloff from last month’s $46.9 million despite ranking fourth all-time in revenue.
Fanduel’s Success In Indiana Continues To Soar
FanDuel continues to set the bar high in sports betting in the state of Indiana. For the third month in a row, they reported record-breaking revenue amounting to $18.3 million due to an impressive 13% win rate on the $141 million wagered. Adding to this impressive streak, this also marks the fifth consecutive month that FanDuel’s profitability rate was as high as 11.7%, altogether making close to $68.5 million in revenue over that stretch of time.
DraftKings took honors once again for handling with a total of $143.8 million, but its 6.7% win rate was not enough to equal the 12.4% of FanDuel, resulting in a difference of nearly $9.6 million in revenue for DraftKings. Interestingly enough, this is the first time since August that DraftKings has failed to reach the coveted $10 million mark in terms of revenue. Despite having more handle than FanDuel this year with a total of $53.8 million more, it appears that the numbers don’t lie when it comes to profits as FanDuel has amassed an impressive $35.6 million more in revenue than their rival so far this season.
Breaking the $1 billion mark in the all-time handle, BetMGM came out on top last month with a whopping $44.4 million in bets in Indiana – making them one of only three operators to reach this milestone. In a mere 34 months, DraftKings achieved the milestone of wagering after entering the Indiana market in February 2020.