The Indiana Gaming Commission reported sports wagering revenue totaling $20.9 million for July, as operators posted a double-digit hold for just the seventh time since launch in August 2019.
The revenue figure represented a 32.5% increase from May’s year-low $15.8 million, as operator win rate spiked nearly four full percentage points. The 10.1% win rate marked the first time Indiana reported a hold of 10% or higher since a 10.3% mark last November that fueled a record $47.7 million monthly revenue haul.
The slower summer months, though, dulled some of the impact of operators doing well. The $206.6 million handle is the lowest in the Hoosier State since July 2021, when the $194.5 million generated was also the last time the state finished below $200 million. Indiana sportsbooks have accepted $2.5 billion in wagers through the first seven months of 2022 and more than $8.5 billion overall.
The state received $2 million in tax receipts for July, lifting the yearly total to $17.2 million. That is $2.5 million ahead of 2021’s pace for the same period, with year-over-year operator revenue 19.7% higher.
FanDuel, BetMGM, Barstool among big winners
uly #SportsBetting numbers for #Indiana via IGC, a 🧵. Mobile/Retail Han/Rev/WR breakout
Mobile: $193.45M/$18.37M/9.49%
All Retail: $13.18M/$2.14M/16.26%
B/M Books: $9.18M/$1.57M/17.08%
Tracks+WC: $4M/$575.3K/14.37%3/x #GamblingTwitter
— Chris Altruda (@AlTruda73) August 12, 2022
FanDuel and DraftKings have long slugged it out for the top spot when it comes to mobile wagering in the Hoosier State. Though the IGC does not disclose revenue by category, FanDuel being the industry leader in the parlay market — the $53.5 million in completed events handle represented 26.1% of the statewide total — has helped create separation when it comes to Indiana revenue.
FanDuel had an industry-leading 11.9% win rate in July, resulting in $7.3 million in revenue from a handle of $61.5 million. While DraftKings’ handle was a close second at $60.1 million, it claimed $4.5 million in revenue from a 7.4% hold. That pattern has played out most of the year for the eternal rivals — DraftKings has generated $11.5 million more handle than FanDuel this year, but FanDuel has amassed $17.4 million more in revenue, with FanDuel’s hold 2.5 percentage points higher at 8.7%.
BetMGM, which continues to hum along in third place for both handle and revenue, did so again in July with an 11.5% hold to take in $3 million from $25.8 million wagered. It also surpassed $300 million in handle for the year. Barstool Sportsbook was the only other operator with a seven-figure handle to post a double-digit win rate, reaching 10.6% as it took in $730,000 from more than $6.9 million worth of bets.
Caesars Sportsbook was the only other operator to reach seven figures in revenue, claiming $1.6 million from a $20.1 million handle. Meanwhile, Unibet‘s solid year continued. The sportsbook won $444,000 from the public as its $1.6 million in revenue for the year has exceeded its revenue from 2020 and 2021 combined.
Brick-and-mortar bloodbath for bettors
July #SportsBetting numbers for #Indiana via IGC, a 🧵. Top retail locations Han/Rev/WR (1/2)@HollywoodIND $4.59M/$966.9K/21.06%
Winners Circle (Clarksville) $1.6M/$286.1K/17.86%@AmeristarEC $1.18M/$280.6K/23.79%
8/x #GamblingTwitter
— Chris Altruda (@AlTruda73) August 12, 2022
Indiana’s retail sportsbooks, both at casinos and racetracks, had their best month of the year hold-wise at 16.3%, as they claimed $2.1 million in revenue from $13.2 million wagered. The top three venues in handle for July all had win rates of 17.9% or higher, with Ameristar in East Chicago (23.8%), Hollywood Lawrenceburg (21.1%), and the Winner’s Circle in Clarksville (17.9%) leading the charge.
The trio accepted $7.4 million in wagers and collected $1.5 million in revenue, with Hollywood Lawrenceburg pacing both categories with $4.6 million and $967,000, respectively. Casinos’ brick-and-mortar sportsbooks had a 17.1% hold for July, taking $1.6 million in revenue from $9.2 million handle. Lastly, racinos and three Winner’s Circle locations more than held their own with a 14.4% win rate, taking $575,300 from $4 million wagered.
