The sports betting revenue for June on Friday as the Hoosier State’s 12 mobile sportsbooks kicked off summer in solid fashion.
Operator winnings Indiana Fever star guard and 2024 No. 1 overall pick Caitlin Clark continues to draw bettors and attention.
The 21.8% decline in revenue from May was slightly steeper than the 17.5% dip in handle, as the collective 10.2% hold was more than one-half of a percentage point lower. Indiana also became the eighth state to sur $17 billion in all-time handle, with the $2.44 billion wagered in the first half of the year up 19.5% from 2023.
Sportsbooks statewide attained double-digit win rates in back-to-back months since last October. The 9.7% hold spanning the first six months of the year is almost one-half of a percentage point higher than last year and nearly one full percentage point higher than the all-time hold of 8.8%.
The state collected $2.9 million in tax receipts, and the $22.6 million for the first half of the year is running $4.4 million ahead of the pace from 2023.
DraftKings and FanDuel: $11 Billion Handle 22515n
Running June Top 10 #SportsBetting handle by state:
1 New York $1.48B
2 North Carolina $398.3M
3 Maryland $384.7M
4 Tennessee $342.2M
5 INDIANA $298.2M
6 Iowa $146.7M
7 Kansas $140.1M
8 Maine $39.5M
9 TBA
10 TBA#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 12, 2024
As Indiana cleared $17 billion in all-time handle, eternal rivals sports betting apps in June with $113.1 million in handle as it sured $6 billion all-time, while the $83.6 million worth of accepted bets by FanDuel pushed it over $5 billion.
The positions, though, are reversed when it comes to revenue as FanDuel added separation again. It posted a robust 14% hold — the third time this year it was at least 14% — to claim $11.7 million in winnings. DraftKings had an 8.8% win rate as it came $66,300 shy of $10 million.
Despite DraftKings having generated $988.1 million more handle in the Hoosier State, FanDuel has collected $72.3 million more in revenue as its 10.5% hold is nearly full three percentage points higher. FanDuel has attained a double-digit hold in 22 of its last 24 months in Indiana, reaching 13% or higher eight times.
Best of the Rest for June: BetMGM 2k302g
Caesars to round out the top five in revenue despite lesser handle.
Bet365 had an 8.8% win rate in keeping $1.3 million of the $14.4 million in accepted bets, while ESPN BET crafted an 11.5% hold in retaining $1.1 million of its $9.8 million handle. Caesars, which generated $17.4 million in handle, had a 4.4% hold — the second-lowest of the dozen mobile sportsbooks — in claiming $768,600 in revenue. Fanatics Sportsbook was right behind at $758,000 thanks to a 9.5% win rate from $8 million worth of bets.
One interesting but perhaps unconnected dynamic in June occurred with Bally Bet and Hard Rock Bet. Handle at Bally Bet had totaled $16.1 million from March through May, but the $1.1 million for June was down 78.2% from the $5.2 million wagered in May.
Meanwhile, Hard Rock Bet’s app processed a monthly all-time high of $9.5 million worth of bets — a 71.1% spike from May. Hard Rock Bet, though, reported a 7.8% decline in revenue to $451,600 as the hold plunged four percentage points to 4.7%.
Horse Racing Books Take First Monthly Loss 45328
For the first time since sports betting launched in Indiana in September 2019, the state’s two horse racing tracks and three Winner’s Circle locations that take wagers combined to finish in the red. That was due to the Winner’s Circle venue in Indianapolis, where bettors came out $152,856 ahead on $1.1 million worth of bets. The other four venues generated $124,880, resulting in a loss of nearly $28,000.
Brick-and-mortar venues across the Hoosier State combined for a 5.5% hold in claiming $433,300 in revenue from $7.9 million in handle. Retail revenue from the first six months of 2023 is down 47.1% to $5.1 million, while handle has shrunk 44.8% to $69.4 million.
