Indiana Sportsbooks Have Big August
Indiana is a state that is known for its love of basketball, but sports betting has increased even as basketball season has ended. The total sports betting handle jumped 15% from the July total as mobile sportsbooks accounted for $219 million of the $238 million total.
With a big month of August, the total sports betting handle since 2019 is now over $8.8 billion. Indiana has attracted the sixth-most bets since the federal ban was lifted, but it also had a big head start on a number of states.
Baseball was easily the most popular sport to wager on for the month of August, and there really weren’t many other options. Starting in September, football is going to lead the way, and Indiana could be in for the biggest Fall it has ever recorded.
Not only did Indiana sportsbooks see more action in August, but the sportsbooks also posted a great win rate. The monthly hold rate for Indiana sportsbooks in August was 10.7%, and it was the third-highest total in three years.
The boost in betting and the high hold rate allowed the total adjusted revenue to climb to over $25 million. Indiana has been over $25 million in revenue a dozen different times, but this was a huge increase from where things stood in July.
Retail Sportsbooks Attracting Customers
There is still a massive gap between the online sports betting handle and the retail handle, but the in-person sportsbooks are attracting more bets. The retail handle came in right at $18.4 million, and that was a significant jump over the July numbers.
One trend that has developed throughout the country is that retail sportsbooks tend to win more bets than the mobile options. That was the case in Indiana a month ago as the hold rate was over 14%.
The Hollywood Casino continues to be the retail sportsbook that attracts the most bets as the handle for that site was $5.4 million. Caesars Southern Indiana came in second place at $3.5 million in handle, and that was a pretty shocking result.
Dynamic Duo Trading Punches
One common theme in the state of Indiana is that DraftKings Sportsbook and FanDuel Sportsbook continue to lead the way. This is the case in many states throughout the country, but the race for the top spot is much tighter in Indiana.
DraftKings Sportsbook was back on top in August after posting a total sports betting handle of $71.7 million. FanDuel Sportsbook was close behind, though as it was able to bring in over $69 million in wagers.
FanDuel did win in the category that matters, though, as it posted total revenue of $8.16 million, while DraftKings came in at $7.2 million. After the top two sportsbooks, BetMGM posted the next highest handle with a total of more than $27 million.