Indiana Sports Betting Revenue
Indiana sports betting revenue has grown steadily since the launch of legal betting in August 2019. The Hoosier State finished 2020 as the nation’s fifth-biggest sports betting market and is poised for further development in 2021.
We’re following this evolving market closely to keep you informed with the most important details and analysis of monthly Indiana sports betting revenue reports. Let’s dig into some numbers and explore the business of sports betting in the Hoosier State.
Key Information about the Hoosier State
It’s always important to consider the context when evaluating the sports betting industry. Here’s some important information to keep in mind when looking at the Indiana market.
Approximate State Population (2020): 6.75 million
In-state Pro Teams: Indianapolis Colts (NFL), Indiana Pacers (NBA), and Indiana Fever (WNBA)
Sports Betting Launch Date: August 30, 2019
Biggest Monthly Handle: $348,244,676 (January 2021)
Regulator: Indiana Gaming Commission
Online or Retail Betting: Both
Tax Rate: 9.5 percent
Indiana Sports Betting Revenue: Annual Figures
The table below shows Indiana’s annual sports betting handle, gross gaming revenue, and hold percentage, as well as state tax revenue collected.
Here’s what each column represents:
- Handle is the total amount wagered on sports.
- Revenue reflects the gross gaming revenue kept by sportsbooks after paying out winnings.
- Hold percentage shows how much revenue sportsbooks kept as a function of the betting handle.
- State tax revenue displays taxes collected by the state and local jurisdictions.
|Year||Total Handle||Revenue||Hold Percentage||State Tax Revenue|
The Indiana market grew in the past year, but it isn’t easy to accurately compare the numbers for 2019 and 2020. Sports betting was only live for four months of 2019, and then the COVID-19 pandemic hit in 2020. That said, as you’ll see in the sections below, it’s promising that monthly betting handles have consistently been up year-over-year since we could make the first comparison in September 2020.
Latest IN Revenue News
Indiana’s sports wagering industry shows no signs of slowing down. Here’s a quick rundown of the latest IN sports betting revenue reports.
March 2021 – The Hoosier State saw a decent boost from March Madness, recording its second-highest monthly betting handle ($316,717,762). Monthly gross revenue exceeds $26 million.
February 2021 – Indiana experiences a drop in sports betting handle for the first time in months. Still, the $273,893,073 wagered in February 2021 is a 46 percent increase from February 2020, so there’s no major concern just yet.
January 2021 – Indiana starts the new year with its largest-ever monthly sports betting handle, recording $348,244,676 in wagers. Sportsbooks generated $29,330,069 in gross gaming revenue, also a monthly high for the state.
December 2020 – IN finishes 2020 on a high note with a new state record of $313,112,474 in sports bets. Monthly gross revenue doubles that of December 2019, and annual state tax revenue exceeds $20 million.
Indiana Sports Betting Revenue: Month-by-Month
Sports Betting Dime monitors the growth of legal sports wagering by tallying monthly revenue reports from each state.
The table below shows the Indiana sports betting industry’s key financial figures from launch to date.
|Month/Year||Total Handle||Revenue||Hold Percentage||State Tax Revenue|
|Total (since launch)||$3,144,124,762||$252,672,653||8.04%||$24,003,904|
We’ll update the above table once per month with the latest figures reported by the Indiana Gaming Commission.
Indiana Sports Betting Revenue Insights
Indiana sports betting revenue figures prove that it’s one of the most successful markets in the United States. Let’s explore a couple of themes that stand out when looking at Indiana’s financial reports.
A Leading Market
Indiana generates a significant sports betting revenue thanks to its central location, an open-minded regulatory approach, and moderate sports betting tax rate that protects consumers while encouraging sportsbooks to invest heavily in the state.
To show how Indiana fares amongst other sports betting markets in the United States, here are the top six states based on total handled in 2020:
- New Jersey – $6,016,968,399
- Nevada – $4,340,581,339
- Pennsylvania – $3,580,864,477
- Illinois – $1,882,363,604
- Indiana – $1,769,270,606
- Colorado – $1,185,754,618
Sports fans in the Hoosier State clearly enjoy betting, as Indiana quickly became a leading market. Indiana was the fifth state to surpass $300 million in monthly betting handle, behind Nevada, New Jersey, Pennsylvania, and Illinois.
Mobile Betting Dominates
Perhaps the best decision Indiana lawmakers made was to embrace online betting fully. The vast majority of bettors place wagers through IN mobile betting apps, and the sustained growth seen in the latter half of 2020 was driven by online betting.
Nearby states such as Michigan and Illinois had much slower starts than Indiana, which gained traction quickly thanks to having robust online betting options and a permissive regulatory framework. MI and IL’s early struggles were partially due to the pandemic, but not having online options from the get-go hampered those states in the beginning.
Indiana’s success underscores the fact that online betting is the foundation of a thriving sports betting industry.
DraftKings and FanDuel Excel, Hoosiers Love Basketball
It should come as little surprise that DraftKings and FanDuel are the leading sportsbooks in Indiana, and sports fans in the Hoosier State love betting on basketball.
DraftKings singlehandedly accounted for nearly half of all online sports bets in Indiana in 2020, taking in almost $720 million in wagers. FanDuel was securely in second place with a betting handle of just over $500 million, while the eight other online sportsbooks operating in Indiana took approximately $250 million combined. Together, DraftKings and FanDuel accounted for 84 percent of the state’s online betting handle.
Indiana bettors gravitate towards basketball perhaps more than those in any other state. In January 2021, basketball accounted for $133 million of Indiana’s record $348 million monthly betting handle, easily topping football’s $77 million mark despite the NFL Playoffs’ widespread popularity.
Expect another big month for the sport of basketball in March, particularly as Indiana is hosting the entire men’s NCAA tournament this year. We expect college basketball fans from Kentucky and Ohio to head across state lines to place legal wagers with Indiana sportsbooks. Plus, with Illinois restricting its bettors from wagering on in-state teams, don’t be surprised if diehard fans of the #1 seeded Fighting Illini travel to Indiana as well.
Learn More About Indiana Sports Wagering
We’ll be keeping a close eye on Indiana to see if it can hold on to its position as a top sports betting market as new ones emerge.
Sports Betting Dime will keep you up to date with the latest IN sports betting news and revenue insights. Find out which sportsbooks offer online sports betting in Indiana along with rules and regulations, bonuses, and more. You can also check out our state-by-state sports betting revenue tracker to see how IN compares to other markets.
Have fun and enjoy the action out there!