Indiana Is the Fifth State Which Sports Betting Revenue Reached $8 Billion

By Matt Speakman,
Betting Expert at online-gambling.com

Matt Speakman Betting Expert at online-gambling.com

A die-hard fan of the Patriots, Matt Speakman is an expert on everything related to sports betting and DFS sites. Over the years, he has proven a valuable asset for our team at online-gambling.com. You can find Speakman's professional tips and tricks in any of his many articles on the website.

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Last updated: June 11, 2022

With the report from the Indiana Gaming Commission a few days ago, Indiana is now the fifth state to pass the $8 billion mark in sports wagering handle in the post-PASPA era. The commission reported that $308.3 million was recorded in bets for May.

The state has now joined the host of other states like Pennsylvania, Nevada, Illinois, and New Jersey in reaching this milestone. Sports betting was launched in Indiana in September 2019, and since then, the state has consistently pushed through the weight for handle relative to its population size. The number recorded in May was the same one that came out in nine consecutive months. Throughout these months, the sportsbooks in Indiana generated no less than a $300 million handle, while there were over $2 billion accepted wagers in the first five months of 2022.

Even though the figure saw a 14.3% decrease from the total handle recorded in April – $360 million, the revenue recorded by betting operators saw a 7% increase up to $30.7 million. This increase is owing to the winning rate, which is around 10%. In about 33 months of operation, this is the fifth time the revenue of the operators will be more than $30 million. Also, the tax remitted to the state in May was over $2.9 million taking the total tax remitted this year to $13.7 million.

Comparing the figures from 2021 to 2022, the handle recorded by Indiana has increased by 43.7%, and the revenue also increased by 29.3%, even though the collective win rate dropped.

FanDuel Continues its Roll with Double Win

Overtaking its eternal rival DraftKings, FanDuel has the highest revenue in Indiana in April, and it has claimed the top spots for both handle and revenue for the third consecutive month. Also, the report shows FanDuel has nothing less than $12 million in winnings for the third month straight, with a winning rate of 13.7% in about $91.6 million recorded in wagers, which represents the fourth highest in any month.

The gap between DraftKings and FanDuel was, however, narrowed to $7.5 million in the month reported compared to the $14.5 million gap reported in April. In total, DraftKings’ handle is about $84.1 million, and its revenue increased to $7.1 million, which is about 7.5% month-over-month.

Other betting operators on the list include BetMGM which has a comfortable third position on the list in terms of both revenue and handle. Caesars is in the fourth spot with $30.4 million recorded in bets and $1.9 million in revenue.

Other betting operators with remarkable achievements are Barstool Sportsbook and BetRivers, which became the only mobile operators to clutch eight figures in the handle. Also, Unibet recorded a new high in its handle after recording $13.1 million in wagers, and the summation of its wagers in April and May represents one-quarter of its total handle since the operation in July 2020.

Casino SportsBooks Are Also Winning

The success wasn’t only in terms of mobile betting. All the brick-and-mortar sportsbooks recorded about 10% winnings, except Caesars Southern Indiana which recorded 9.4%.

Leading in both revenue and handle is the Hollywood Casino based in Lawrenceburg after recording a state best of about $7.7 million in the handle and a total of $882,512 in revenue making its hold 11.5%. Horseshoe and Ameristar combined shared a total of $1 million in revenue in the total $5.3 wagered through them while Rising Star Casino is celebrating its first monthly win in 2022.