Indiana Sportsbooks Roll to $53 Million in September Revenue

The Indiana Gaming Commission reported $53 million in adjusted gross sports betting revenue for September on Friday, continuing a nationwide rout of the public for the month.

It was the second-highest total in 61 months of wagering in the Hoosier State, trailing only the $53.5 million generated in January, and that ranking came despite $2.3 million worth of downward revenue adjustments. It was the fourth time Indiana sportsbooks eclipsed $50 million in winnings, with three coming in the last 10 months.

Handle ticked 19.7% higher from 12 month ago to $483.8 million, fifth-most overall. Wagering through the first nine months of 2024 is just shy of $3.5 billion, up 20.9% from last year, and Indiana became the eighth state to clear $18 billion in post-PASPA handle.

The state collected just over $5 million in taxes, becoming the 10th to surpass $150 million overall. Indiana coffers have seen an inflow of $33.4 million this year, $6.8 million ahead of the first nine months of 2023.

Indiana was the ninth state out of nine to post a double-digit hold in September thus far among those that publish handle and revenue figures. The near-11% hold was the lowest of the nine, with the combined hold on gross revenue thus far at 12.3% from $2.03 billion handle.

Indiana sportsbooks have combined for double-digit holds each of the last five months, the longest such streak in state history.

DraftKings Wins September With All-Time Bests

DraftKings and FanDuel are a tight 1-2 in handle and revenue for the year in Indiana, with the former tops in handle and the latter for revenue. But DraftKings pulled off the double for the second consecutive month, posting all-time highs with $190.3 million handle and $19.7 million revenue, resulting in a 10.3% win rate.

DraftKings bettered its state-handle record of $188 million from last November, while its previous revenue standard was $19.1 million last December. It also moved within $12.5 million of its full-year 2023 revenue total of $133.5 million, with the $121.1 million in 2024 winnings the result of a 9.3% hold from $1.3 billion worth of wagers.

FanDuel was not slacking in the first month of football season, bouncing back from a rare sub-10% hold in August with a 12.3% mark in September to reap $18.2 million in winnings from $148.4 million in wagers. It crossed $1 billion in year-t0-date action, and its 12.2% hold the first nine months has led to $132.2 million in revenue.

BetMGM topped $5 million in revenue for just the second time in Indiana, collecting $5.1 million in winnings thanks to a 13.9% hold on $36.9 million. It finished behind only the $5.3 million claimed in September 2022, but September has been historically good for BetMGM in the Hoosier State — it has piled up $19.8 million in revenue with a 12.6% hold on $157.5 million handle in five years of wagering for the month.

Bet365's first football season in the Indiana marketplace started well with $2.5 million in revenue from $21.1 million handle, which meant an 11.8% win rate. It was the first time the England-based sportsbook topped $2 million in winnings since accumulating $2.8 million in its first full month in February.

Caesars rounded out the group of five mobile sportsbooks with $2 million or more in revenue, clearing the benchmark by $67,700. It was the second time in three months Caesars posted a 9% or better hold after failing to reach that win rate the previous 11 months.

Fanatics Sportsbook completed the group of six online operators with at least $20 million handle and attained a 9.6% hold in keeping $1.9 million in revenue. ESPN BET also hit seven figures in revenue at $1.2 million, crafting a 9.7% win rate from $12.5 million worth of wagers.

A Brick & Mortar Bonanza

Indiana's 15 retail sportsbooks — comprised of 10 casinos, two racinos and three Winner's Circle locations — all posted double-digit holds in an absolute hammering of the public in September. They combined for nearly $2.9 million in revenue, the most since winning $3.2 million in March 2023, and had a 20.5% hold on $13.9 million handle.

The two racinos and three Winner's Circle locations combined for $780,000 in revenue, a high for 2024, and notched a 21.3% win rate from $3.7 million in wagers.

The banner September is a small solace in what has been a slow year for brick-and-mortar sportsbooks in the Hoosier State. The $10.7 million in revenue this year is down almost 30% from the first nine months of 2023, and the $97.3 million handle represents a 42.6% decline.