sports wagering handle in Indiana, accepting more than $169.2 million worth of wagers in September, according to the Indiana Gaming Commission.
The FanDuel.
DraftKings had its best month in record $51.1 million haul by operators.
The house did not come close to that number, but the nearly $41.1 million in adjusted gross revenue still ranked sixth all-time in 49 months of wagering in Indiana. The $404.1 million handle was 5.7% higher than September 2022, while the win rate of 10.2% was the seventh in double digits in the last 15 months of action.
The state collected close to $4 million in taxes from the sportsbooks, lifting the total for the calendar year to $26.6 million. Year-to-date revenue compared to 2022 is up 7.8% to $277.5 million despite a 7.9% decline in handle to $2.9 billion. Operators statewide have a collective 9.6% hold for 2023, 1.4 percentage points better than the 8.2% attained for the first nine months of last year.
DraftKings notches first 2023 ‘double’ 271d4k
September #SportsBetting numbers 🧵for #Indiana via IGC. Han/Rev/WR by mobile operator (2/12)@FDSportsbook $124.12M/$15.03M/12.11%
YTD: ~$920.5M/$112.57M/12.23%*15th straight month with 11%+ WR
6/x #SportsBettingTwitter #GamblingTwitter
— Chris Altruda (@AlTruda73) October 12, 2023
Indiana is among a handful of states where DraftKings and FanDuel are on fairly level , though DraftKings has reestablished itself as the top handle generator over the last four months. For the year, it has sured $1 billion handle in the Hoosier State and leads FanDuel by more than $100 million worth of accepted wagers, but FanDuel’s ability to generate revenue through parlay wagering continues to be unrivaled.
FanDuel posted a hold of 11% or higher for the 15th consecutive month in September, fashioning a 12.1% win rate as it came within $100,000 of DraftKings for the top revenue spot despite its handle being $45 million less at $124.1 million. FanDuel has posted a 12.2% hold in Indiana through the first nine months of 2023, and its $112.6 million in mobile revenue is $25.7 million more than DraftKings.
BetMGM continues to rack up third-place status for both revenue and handle, posting its third straight double-digit hold in September at 11.2% to claim $3.6 million in revenue from $32.6 million handle. It has a win rate of nearly 10.8% for the calendar year, collecting $28.2 million in winnings from $261.8 million worth of accepted wagers.
BetRivers was the last of the five mobile books to accept at least $10 million in wagers, clearing that mark by less than $180,000 and attaining a 7.9% win rate to reap nearly $804,000 in revenue.
Overall mobile handle was $383.8 million, while online books posted a 9.9% hold for the second consecutive month. The $37.9 million in revenue, however, was $15.8 million higher compared to August.
Business slows at Hollywood Lawrenceburg fsj
September #SportsBetting numbers 🧵for #Indiana via IGC. Special retail note:@HollywoodIND lagging with Ohio & Kentucky now legal
YoY September handle ⬇️80.9% to $1.93M
2023 vs 2022 YTD Han/Rev/WR
2023: $31.4M/$5715/0.02%
2022: $78.64M/$9.19M/11.69%17/x #GamblingTwitter
— Chris Altruda (@AlTruda73) October 12, 2023
Once the bell cow of retail wagering in Indiana in of handle, Hollywood Casino in Lawrenceburg has seen business dramatically dry up since Kentucky also launched sports wagering last month.) The PENN Entertainment venue, situated near both states’ lines, had a year-over-year decline in September handle of 80.9% to $1.9 million.
Handle for 2023 is down 60% compared to the first nine months of 2022, and that resulted in taking a longer time to erase the $1.3 million in losses accrued in the first quarter. While Hollywood Lawrenceburg had its best month of the year with close to $400,000 in revenue, it was barely enough to cross into the black for 2023, as it has just $5,715 in adjusted gross revenue from $31.4 million handle — a 0.02% hold.
The state’s two racinos and three Winner’s Circle locations combined to generate close to $867,000 in revenue from $7.6 million handle, good for an 11.5% hold that was roughly in line with its full-year hold of 11.6%. It was the sixth time horse racing-related venues for sports wagering collectively had a double-digit hold, with the Winner’s Circle in Clarksville pacing all locations with almost $264,000 in winnings from $2.5 million handle.
Overall, brick-and-mortar books crafted a 12.4% win rate on $19 million worth of wagers, claiming nearly $2.4 million in revenue. The $169.7 million handle in 2023, though, is 28.1% lower than the same period last year, contributing to a 42.5% plunge in revenue to $15.3 million.
