Indiana Sportsbooks Post Strong Handle, Revenue Totals in October

Posted on: November 13, 2022, 05:29h. 

Last updated on: November 14, 2022, 12:01h.

Steve Bittenbender Read More
Expertise: Legislation, Sports Betting, Horse Racing.

Last month, Indiana sportsbooks posted one of their best months ever since sports betting went live in the state three years ago.

Indiana Assembly Hall
Simon Skjodt Assembly Hall, home to the Indiana Hoosiers college basketball team. In October, Indiana’s sportsbooks posted their sixth-best handle ever at $446.2 million, and the taxable AGR of $46.9 was the third-best since the state legalized sports betting three years ago. (Image: IUHoosiers.com)

In October, the state’s retail sportsbooks and online wagering apps took $446.2 million in wagers for October, according to information the Indiana Gaming Commission released this week. That is the highest total since Hoosier bettors wagered $476.8 million in March. October’s handle is also the sixth-largest recorded in the state.

The sportsbooks also had one of their most profitable months, too. While the $46.9 million taxable adjusted gross revenue (AGR) was down more than $4 million from the record $51.2 million reported in September, it’s still the third-highest taxable AGR reported in the state.

At a tax rate of 9.5%, the state received slightly less than $4.5 million.

For the calendar year, Indiana sportsbooks have reported a handle of $3.58 billion. That’s up 23.5% from the same period last year. The sportsbooks’ taxable AGR of $304.3 million has led to the state receiving $28.9 million through the first 10 months of the year.

The return of football over the past two months has certainly helped sportsbooks post strong numbers. But with the NBA’s return in October and college basketball resuming this month, Indiana should continue to see gains in handle for the next few months.

Top Two Apps Account for 64% of Handle

DraftKings and FanDuel were the clear leaders in Indiana last month.

DraftKings reported a handle of $149 million and gross receipts of $12.4 million, while FanDuel took $135.1 million in wagers and had $18.1 million in gross receipts.

BetMGM had a handle of $42.8 million and revenues of nearly $4.5 million. Caesars Sportsbook’s network of retail sportsbooks across Indiana and its online app produced a handle of $48.6 million and revenues of $4.8. The online app accounted for $32.6 million in handle and revenues of $2.4 million.

Barstool Sportsbook, which has an app and two brick-and-mortar sportsbooks at Penn Entertainment’s Ameristar East Chicago and Hollywood Lawrenceburg casinos, finished October taking $31 million in bets and had revenues of $3.3 million.

BetRivers took $11.2 million in wagers last month and recorded an AGR of $584,315. PointsBet had a handle of $9.9 million and revenues of $766,088. Hard Rock Sportsbook reported a $10 million handle, with the online sportsbook taking $8.8 million in wagers in its second month of operation. The online app also accounted for $465,352 of Hard Rock’s $739,030 in AGR.

Hard Rock is one of three online sports betting operators that have officially opened in the state since the start of the football season. The others are MaximBet and SBK.

Indiana Casino AGR Up From September

Indiana’s casinos produced a combined AGR of $194.7 million and a taxable AGR of $189.2 million. Those figures are up $2.4 million and $2.3 million, respectively, from September but are down $7.2 million and $7.1 million from October 2021.

Hard Rock Northern Indiana remains the Hoosier State’s top casino, as the Gary facility reported a taxable AGR of $34.5 million. Horseshoe Hammond was next at $27.9 million. Indianapolis reported a taxable AGR of $23.6 million.

Caesars Southern Indiana was the state’s top casino among the state’s six southern operators at $20.1 million.