The highs keep getting higher in the Hoosier State. After a massive $537.9 million in bets the previous month, that train kept rolling in November with an even greater $614.3 million, a 14% increase.
The Indiana Gaming Commission reported also reported $68.5 million in adjusted revenue, nearly twice as large as October’s haul of $35 million. Year-over-year has shown some great strength in the Indiana market. Handle has increased by nearly 20% versus 2023 while revenue is 123% higher.
It’s no surprise that a better hold percentage contributed to the underlying numbers. After a bettor-friendly 6.5% in October, November rebounded with the books keeping roughly 11% of their action.
When the sportsbooks win, so too do the state’s coffers. Roughly $6.5 million was brought into the Hoosier State in November, versus the $3.3 million the month prior.
FanDuel the new leader in a top heavy market
| Operator | November Handle | Adjusted Revenue |
|---|---|---|
| FanDuel | $214.4 million? | $23.6 million? |
| DraftKings | $205.4 million ? | $25.8 million ? |
| BetMGM | $47.6 million? | $5.6 million |
| Fanatics Sportsbook | $28.9 million? | $2.6 million |
| Caesars | $28.7 million? | $2.5 million |
| bet365 | $26.9 million? | $2.8 million? |
| ESPN BET | $18.1 million | $1.3 million |
I’m not sure whether DraftKings or FanDuel celebrated more when looking at November’s leaderboard. Both operators enjoyed more than $200 million in handle each, more than the other online operators combined.
In October, DraftKings saw the most action while FanDuel recorded more revenue. In November, those roles reversed. FanDuel was the top operator, by $9 million, but DraftKings made $2 million more in adjusted revenue.
Indiana bettors joining football bandwagon
Like every state, football is the top attraction for bettors, but Indiana has bucked that trend. In November 2023, more money was placed on basketball wagers than football ones.
With the Indianapolis Colts more competitive, the Indiana Hoosiers in the College Football Playoff, and the Indiana Pacers, so far, a constant disappointment, bettors have flocked back to the gridiron.
Football wagers made up just under 30% of the statewide action. Basketball bets contributed 25%, but parlays are the money-making ticket for sportsbooks. Parlays lead the field with 33% of November’s Indiana sports betting handle.
Hollywood Casino, Lawrenceburg leads the retail market
On the casino side, none of the 12 retail sportsbooks accepted more than $3 million in action. The Hollywood Casino in Lawrenceburg – just west of Cincinnati, Ohio – led the field with $2.9 million. They also saw the more adjusted revenue with $383,000.
