In October, Indiana's Sportsbooks Record Impressive Wagering and Income Levels
Published on November 13, 2022, 5:29 a.m.Last updated on November 14, 2022, 12:01 p.m.
Image of Simon Skjodt Assembly Hall
By Steve Bittenbender
Steve Bittenbender
Expertise: Legislation, Sports Betting, Horse Racing
-
In a spectacular turn of events for Indiana's sports betting market, October 2022 proved to be one of the most prosperous months since the launch of legalized sports betting in the state three years ago. With a staggering total handle of $446,248,393.61, the state's sportsbooks have solidified their reputation as industry leaders.
Read More
Indiana's Sports Betting Pinnacle in October
The Hoosier state's sports betting market was buzzing last October, with Indiana’s retail sportsbooks and online wagering apps taking in a record-breaking $446,248,393.61 in wagers. This impressive figure represents a significant leap from the $476,842,221.20 wagers placed in March 2022, making October the fourth-best month for handle in the history of Indiana sports betting.
Legislation,
Sportsbooks Rake in Revenue
Throughout the month, the state’s sportsbooks also managed to secure substantial profits. The associated taxable adjusted gross revenue (AGR) of $46,393,924.54 brought in a formidable $4,500,000 in taxes for the state at a 9.5% tax rate.
As the year goes on, the potential for further growth in the Indiana sports betting market remains high. The return of major leagues, such as the NBA and college basketball, has played a significant role in the industry's remarkable gains. With these popular sports back in play, Indiana sportsbooks are poised to continue witnessing steady growth in handle and revenue in the coming months.
Sports Betting,
Leading Players in Indiana's Sports Betting Market
DraftKings and FanDuel Dominate
In October, DraftKings and FanDuel held the reins as the top sportsbooks. With handles of $149,027,047.86 and $135,108,460.71, respectively, the two giants accounted for a whopping 64% of the overall handle for the month.
Horse Racing.
Other Top Performers
BetMGM excelled with a handle of $42,797,285.24, contributing significantly to total revenue with nearly $4,500,000. Caesars Sportsbook, which operates multiple retail sportsbooks in Indiana and an online platform, reported a handle of $48,576,648.36 and revenues of $4,800,000, with online wagering accounting for a considerable chunk of the handle and revenue.
Underdog Performances
Among the remaining top sportsbooks in Indiana, Barstool Sportsbook, offering an app and brass-and-mortar operations at Penn Entertainment's Ameristar East Chicago and Hollywood Lawrenceburg casinos, managed handle and revenues of $31,000,000.00 and $3,300,000.00, respectively.
In addition, BetRivers enjoyed a handle of $11,205,856.78 and AGR of $584,315.46, while PointsBet had a handle of $9,948,023.03 and AGR of $766,088.25. The popular Hard Rock Sportsbook added $10,000,000.00 in month-long handle, with online wagering accounting for $8,840,000.00 in handle and $465,352.00 in revenues.
Newcomers to Indiana's Sports Betting Market
Hard Rock Sportsbook reported a $10 million handle, with the online sportsbook taking $8.8 million in wagers in its second month of operation. The online app also accounted for $465,352 of Hard Rock’s $739,030 in AGR.
Three newly-launched online sports betting operators have joined the Indiana sports betting market since the start of the football season. MaximBet and SBK have made their debuts, while Hard Rock Sportsbook has now offered online wagering services for two months.
## Indiana's Thriving Casino Market
In the context of Indiana's casino industry, October 2022 continued the trend of steady gains with an AGR of $189,195,266.48 and taxable-AGR of $182,525,578.56. While both figures represent slight upticks from September's figures, they represent a significant dip compared to October 2021.
Caesars Southern Indiana was the state’s top casino among the state’s six southern operators at $20.1 million.
Calculating the real winners within Indiana's casino industry requires closer scrutiny of particular casinos' performance.
Number One: Hard Rock Northern Indiana
Situated in Gary, Indiana, Hard Rock Northern Indiana continued to be the city's and the state's premier betting destination, reporting a taxable AGR of $34,550,000.
Trends to Watch
Indiana's sports betting market continues to blaze trails as one of the hottest and most dynamic gambling industries in the country. While October 2022's impressive revenue figures and handle numbers stand out, the future of Indiana sports betting promises more excitement, growth, and revenue opportunities for both residents and visitors to the Hoosier state.
#IndianaSportsBooks #HoosierBettingBoom #October2022
- The sports betting content on the casino.org website highlighted the unprecedented success of Indiana sportsbooks in October, with a total handle of $446,248,393.61, which was featured prominently in a cropped and aligncenter image.
- To delve deeper into the sports betting trends, visitors can check out the 'sportsbooks' section on the site, which includes articles and news featuring panel__opener icons for easy access.
- Fans of sports news and bettors alike will appreciate the comprehensive content on the site, featuring updates on major sportsbook operators such as DraftKings and FanDuel, as well as newcomers like MaximBet and SBK.