The Indiana Gaming Commission reported its sportsbooks combined for an 11.1% hold in July on Monday, the third consecutive month operators attained a double-digit hold.
It is the longest such streak since the all-time high of a four-month run from July to October 2022. It was the 18th time in 59 months of wagering Indiana sportsbooks were able to reach 10%, but 13 of those instances have come in the last 25 months, including each July the last three years.
The $29 million in adjusted sports betting revenue was up 24.9% from July 2023, slightly trailing the 28.1% increase in handle to $261.1 million. Since the hold was nine-tenths of a percentage point higher than the 10.2% reached in June, month-over-month revenue declined only 4.8% compared to the 12.4% downturn in handle.
Sportsbook revenue in the Hoosier State through the first seven months of 2024 has totaled $266.5 million, up 25.2% from the same period last year. After collecting nearly $2.8 million worth of tax receipts in July, the $25.3 million in year-to-date revenue is up $4.9 million from the same period in 2023.
FanDuel Edges DraftKings for Top Revenue Spot 50p3q
Despite a $16.4 million spread in handle, DraftKings for the No. 1 revenue spot for July. FanDuel crafted a 13.5% hold — its fourth straight month above 12% — in winning $10.5 million and suring $100 million in revenue for 2024.
DraftKings, which paced the state’s 12 mobile sportsbooks with $94.4 million in handle, posted a 10.7% win rate in topping $10 million by $75,800. It also edged over $1 billion handle for the year, and DraftKings’ 9.1% hold is currently six-tenths of a percentage point better than its full-year 8.5% mark of 2023.
BetMGM remained on its relatively comfortable island for third place in both revenue and handle, landing a 9.8% hold to claim $2.5 million in winnings from $25.4 million worth of bets placed. It moved beyond $20 million in revenue for 2024, though its $21.9 million haul is slightly below its 2023 pace.
Caesars had a 10.3% hold, its best since an 11.1% mark in September 2022, in reporting $1.7 million in revenue for July. It was the first double-digit hold for Caesars since reaching 10.1% last July, and it moved within $203,000 of $10 million for year-to-date winnings.
since its late January entrance.
entered the Hoosier State in late February, has posted 10% or better holds three of the last four months.
The stability of bet365 and Fanatics stands out in sharp contrast to the erosion of market share for ESPN BET in recent months. While it had a double-digit hold for the third straight month at 10.6% and won $735,900, the near-$7 million handle was less than half the $14.4 million from May and less than 25% of the $30.8 million in accepted wagers to start 2024. ESPN BET’s year-over-year revenue total, though, was more than double that of its predecessor Barstool Sportsbook while handle was up 86.5%.
Not every mobile sportsbook had a great July. Hard Rock Bet was limited to a 4.8% win rate and $227,600 from $4.7 million worth of accepted bets. Bally’s edged over $1 million in handle, but a 3.9% hold meant only $39,000 in winnings.
A Retail Rout Everywhere but Belterra 3l6u2y
Indiana’s brick-and-mortar sportsbooks also piled on the betting public in July, edging over $1 million. The 16.4% hold on $6.2 million handle, though, was the highest in any month since a 23.3% pummeling in September 2022.
The state’s two retail racino sportsbooks and three Winner’s Circle locations got back into the black after a $28,000 payout above handle in June and had a combined 14.1% win rate in winning $242,400 from $1.7 million worth of bets.
Despite the lopsided numbers, Belterra’s retail book continued trending in the opposite direction. The Florence-based venue paid out $16,608 above its $136,700 handle for its sixth losing month of 2024. Belterra is currently down $85,600 for the year with a minus-7.6% hold from $1.1 million handle.
