The sports betting handle for December, marking the first time the Hoosier State has generated over a half-billion dollars worth of bets in back-to-back months.
The figure is 2.1% lower than Indiana sports betting handle to 2.9%, as bettors made $4.34 billion worth of wagers in 2023 compared to $4.47 billion the year before.
Adjusted gross revenue for operators totaled $50.6 million, trailing only the betting app.
Revenue for the year was up 4.4% compared to 2022 at $404.1 million, with the 9.3% hold for the full year nearly two-thirds of a percentage point higher versus 2022. The $4.8 million in tax receipts for December put the final annual number at $38.6 million, $1.8 million above the $36.8 million that poured into state coffers in 2022.
Running all-time post-PASPA Top 10 #SportsBetting handle (Dec. in CAPS)
1 New Jersey $44.42B
2 Nevada $36.88B
3 NEW YORK $35.85B
4 Illinois $27.59B*
5 Penn. $25.65B
6 Colorado $15.06B
7 INDIANA $14.84B
8 Michigan $13.11B
9 Virginia $13.09B
10 Arizona $12.95B**Oct#GamblingX
— Chris Altruda (@AlTruda73) January 12, 2024
ESPN BET cuts into Caesars and BetMGM action 26u20
ESPN BET built on its impressive November launch in Indiana, as its near-$33 million handle in December was up 20.2% compared to the $27.5 million generated the previous month. Its handle as represented by the market share of mobile betting in the state went up from 5.5% to 6.8%.
The IGC does not provide figures for promotional spend, but the $60.4 million worth of bets taken in the final two months for the PENN Entertainment-backed mobile sportsbook ed for 43% of the $140.8 million handle over the course of the year between ESPN BET and predecessor Barstool Sportsbook.
Though ESPN BET finished fifth among the state’s 12 online apps for handle, it barely trailed both third-place Caesars Sportsbook ($33.3 million). It was one of four mobile books to post a double-digit hold in December, landing at 11.2% to claim $3.7 million in winnings. The combined 10.4% win rate from November and December wagering lifted the overall hold between ESPN BET and Barstool to 7.7% for the year as the two entities combined for $10.9 million in revenue.
FanDuel paced all mobile books with $20.9 million in revenue from $171.3 million handle, becoming the first operator in Indiana history to top $20 million in monthly revenue. Its 12.2% hold was a return to normal — 6.8 percentage points higher than its year-low 5.4% in November — as it finished 2023 with an 11.4% win rate that resulted in$161 million in revenue from $1.41 billion handle.
DraftKings led in mobile handle for the seventh consecutive month as its $177.9 million worth of bets placed was its second-best overall. Its $19.1 million was an all-time high for monthly winnings while ranking second in Indiana annals behind FanDuel’s newly minted standard.
BetMGM was the other mobile book with a double-digit hold in December, landing at 10.8% to collect $3.6 million in winnings. It had a win rate of 10.2% for 2023 to claim $37.4 million in revenue from $368.6 million handle. Handle and revenue, however, plunged 26.4% and 25.6%, respectively, compared to the 2022 figures of $500.9 million handle and $50.3 million in revenue.
Fanatics-owned book post revenue of $1.1 million. It was PointsBet’s first seven-figure haul in Indiana since claiming $1.2 million in September 2022.
Hard Rock Bet closed its first full year of mobile wagering on a solid note, posting a 9.5% hold to claim $490,000 in winnings from $5.2 million handle. It accepted $56.5 million worth of bets and had a 6.7% hold in keeping $3.8 million in 2023.
Unibet, which will be Betway finished the year .500 in of monthly wins and losses as it was $8,581 in the red to close out 2023. Its $25,382 in revenue from $5.9 million handle equated to a hold of 0.4% for the year.
Mobile operators had a statewide hold of 10.7%, reporting $52.1 million in gross revenue from $487 million handle. For the year, they had a 9.3% win rate on $4.12 billion worth of bets, totaling $382.8 million in winnings.
A strong December covers some retail woes 1i2c
Brick-and-mortar sportsbooks fell $443 short of reaching $2.5 million in gross revenue for what would have been the third time in 2023, but their collective 15.5% hold was second only to the 15.6% fashioned in July. The launches of neighboring Kentucky sports betting during 2023 clearly put a drag on in-person betting in the Hoosier State, as the $220.3 million handle for the year was 35.8% lower compared to the $343 million wagered in 2022.
The decline in revenue was more pronounced, with the $21.2 million in winnings 46.8% off the 2022 total as the 9.6% hold on in-person bets was nearly two full percentage points lower. It can be argued no retail book suffered more from the launches of Ohio and Kentucky than Hollywood Lawrenceburg, where handle plunged 69.1% from $116.5 million in 2022 to $36 million in 2023.
The PENN Entertainment venue — situated near both state lines — also spent most of 2023 digging out of an early deficit of nearly $1.3 million from the first quarter of the year and finished with $654,000 in revenue for a 1.8% win rate. Hollywood Lawrenceburg claimed almost half of its revenue with a bumper December, posting a 23.9% hold to keep $321,250 from $1.3 million bet.
The state’s two racinos and three Winner’s Circle locations were also impacted by the new competition from Indiana’s neighbors. Combined handle at the five horse racing-centric venues dipped 12% to $75.6 million, while revenue dropped 19.8% to $8.6 million as the 11.4% hold was 1.1 percentage points lower versus 2022.
