February 17, 2022
Sports Betting Guru
Sports Betting Guru
The Indiana sports betting market is already off to a flying start this year. In January, the sports betting handle reached all-time highs – setting a new record for the state of Indiana. Considering this month has already started off with the Olympics and Super Bowl, it’s possible that new records will be set in February too. The new record in January for the sports betting handle is over $500.1 million.
Because of this, 2022 is already looking to be a massive year for the online sports betting industry in Indiana. The previous record was smashed with $500,138,648 in best during the very first month of 2022. With the Winter Olympics and notorious Super Bowl and contributing towards the sports betting handle for February, it won’t come as a surprise to see even bigger records set this month in Indiana. After all, the Super Bowl is usually the most-watched program on television in America.
In the very first month of 2022, Indiana online sportsbooks received a record-breaking $500,138,648. This is the new record for the online sports betting handle in the Hoosier State. Previously, the record was $463.7 million. As you can see, the new bookmaker record has far surpassed the previous record that was established in November 2021. According to the Indiana Gaming Commission, the data shows that the online betting sites in Indiana managed to keep 5.7% of all wagers. This is effectively the house edge.
Online sportsbooks in Indiana generated in excess of $35 million in AGR (adjusted gross revenue). From the $35 million in adjusted gross revenue, Indiana managed to hold about $3.38 million in taxes for online sports betting. In total, this equates to a 9.5% tax rate. Although this is a new record for the sports betting handle, Indiana is yet to set a new monthly revenue record. Currently, the monthly revenue record in Indiana is $47.7 million. This record was also set in November 2021.
Indiana entered the legal online sports betting scene in September 2019. Online sportsbooks started a month after the time when retail sportsbooks launched in Indiana. The Hoosier State has been at the forefront of sports betting in the US ever since. At this point in time, online sportsbooks contribute 92% towards all of the total sports betting handle. Retail sportsbooks on the other hand only contribute 8% despite nearly $42 million being wagered at them. This is a true testament to how successful the online sports betting market in Indiana really is.
Out of all the top sportsbooks in Indiana, DraftKings Sportsbook and FanDuel Sportsbook lead the race. DraftKings has managed to capture the largest portion of the total online betting market share at 35%. A close second is FanDuel Sportsbook at 27.6%. Both BetMGM Sportsbook and Caesars Sportsbook follow the two frontrunners with 11.6% and 12%. PointsBet, BetRivers, and Barstool Sports are the last remaining sportsbooks to seize over 1% of the total online betting market share. In terms of retail locations, Caesars came out as the top AGR (adjusted gross revenue) performer with a total of $26.2 million. This retail sportsbook is at Horseshoe Hammond.
Even though lots of sports betting action took place in the NFL playoffs throughout January, bettors in Indiana placed more bets on basketball in January with a total of $192.4 million. In fact, Basketball brought in more bets than any other sport. Football was quite predictably the next most favored sport for bettors in Indiana to bet on; there was a total of $118.3 million bets. Considering basketball is currently in the off-season, there was still an impressive total of $24,156 in wagers – placing basketball in third place. January’s new all-time highs are historic for the Indiana sports betting handle. What’s more exciting is that February 2022 is anticipated to be even greater. Above all, there’s no denying that The Super Bowl is a major contributing factor to the total sports betting handle.