Sports Betting

Indiana’s April 2024 Sports Betting Handle Fell Below $400M For First Time Since September

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Indiana April 2024 Sports Betting Handle Fell Below $400M For First Time Since September

Indiana bettors wagered $393.9 million via sports betting sites and brick-and-mortar casinos in the Hoosier State during April 2024, a 21.9% year-over-year increase from the $321.4 million spent in April 2023.

However, it was almost a $107 million drop from the $500.75 million gambled this past March during the NCAA’s March Madness tournament.

Indiana sports betting apps contributed $383.5 million of the total handle in April

Indiana sports betting apps contributed $383.5 million of the total handle in April.

With last month’s numbers factored in, the state surpassed an all-time mobile sports betting handle of $15 billion. The year-to-date handle figure is currently $1.78 billion, which is 16% higher than through the first four months of 2023.

Indiana’s best sportsbooks generated a total of $37.1 million in gross revenue from April’s handle. This came from a 9.4% hold rate as well. It’s a 26% year-over-year increase from the $29.5 million profits from April 2023.

Having said that, it is a $800K drop from the $39.9 revenue total from March, when the handle was over $100K higher, but the hold rate was 1.8 percentage points lower.

Furthermore, taxes paid by licensed operators in April totaled $3.5 million, bringing the total for 2024 to nearly $16 million. Indiana is now $2.8 million ahead of last year’s pace regarding tax contributions.

DraftKings led all other licensed operators in the U.S.’s 17th most-populated state.

For the eleventh straight month, DraftKings Indiana dominated the field with $144.2 million in accepted wagers. Due to a 9.1% hold, revenues were reported at $13.1 million.

FanDuel Indiana finished second with $128.8 million in total amount wagered. Because of a 12.3% hold, it reached $15.8 million in revenue. Last month’s total helped FanDuel Indiana surpass $500 million in lifetime revenue.

Next, BetMGM Indiana ended up third with $31.1 million in accepted wagers and $3.6 million in revenue.

Caesars Sportsbook Indiana was fourth in April with $18.3 million in accepted bets, followed by bet365 Indiana ($1.4 million in revenue).

Basketball is the most wagered-on sport in the Hoosier State

On May 8, 2019, Gov. Eric Holcomb signed House Bill 1015 into law, authorizing “sports wagering at riverboats, racinos, a Vigo County casino, and satellite facilities.”

A couple of months later, Indiana sportsbooks began accepting in-person sports bets on Sept. 1, with online sports betting launching on Oct. 3.

Since then, sports betting has grown each year in the Hoosier State. One sport in particular is to thank for that: basketball. Purdue was one of the best college basketball teams in the nation in the 2023-24 season. The Boilermakers surprised a number of fans during March Madness, but they went on to lose to the defending champion UConn.

Iowa’s Caitlin Clark also helped breathe new life in women’s college basketball this past season. After an incredible year, she was selected No. 1 overall by the Indiana Fever in the 2024 WNBA Draft.

Then there are the NBA’s Indiana Pacers. Through two rounds of the Eastern Conference playoffs, the Pacers are tied with the New York Knicks at two games apiece in their series. Game 5 is tonight at 8 p.m. ET.

Basketball is the most bet-on sport for the fourth month in a row.

In total, Indiana bettors placed $121.5 million in wagers on their favorite sport in April and have already wagered $976.3 million year-to-date.