Indiana Sports Betting Handle Performance
July reports posted at $206.63 million, down from the previous month’s $256.31 million but slightly ahead compared July 2021 with $194.49 million.
It is the fourth consecutive drop this year since it reported its second largest handle in history last March with $476.8 million. Its largest sports betting handle was reported in January this year with 500 million. This though the 4-month drop was also the first time since its inception in September 2019.
Based on past reports we can see that July is still covered by the summer effect in online sports betting as there are still inadequate sporting events to bet on. However, these may soon be over as the football season is just right around the corner.
Silver Linings for The Hoosier State
Despite this downward trend, the overall hold rate bounced back to 10.1% for the month compared to last month’s 6.2%. This indicates that sportsbooks are making more money on each bet. It is also above the 7.8% average hold rate of the state.
Sports betting revenue also increase from $15.77 million in June to 20.89 million this July. This results also in a higher Tax revenue for the state. The 9.5% Tax rate gives the state 1.5 million in June and $2 million in July.
Baseball sports betting handle increased by 17% year-over-year as it reports $76.1 million. Even though it is 10% lower compared to the previous month. It has been a major contributor to this summer season.
Fanduel Leads Other Sportsbooks
Fanduel tops all of the sportsbooks in terms of online bets with a $61.5 million mobile handle. DraftKing and BetMGM followed with $60.1 million and $25.8 million respectively.
FanDuel has undoubtedly ruled the Indiana market since it takes over last February. The majority owner of the organization stated that it already saturated half of the current US Sports Betting market.
Fanduel has quickly become the leading provider of online sports betting in Indiana. Thanks to a combination of a user-friendly platform, competitive odds, and generous bonuses, Fanduel has managed to attract a large number of customers in a relatively short period of time.
With the online sports betting market in Indiana expected to bounce back in the coming months, Fanduel looks well positioned to maintain its position as the top provider.