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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.

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.

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.

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
September 2019 $35,215,416 $8,558,974 24.30% $813,103
October 2019 $91,697,393 $11,538,533 12.58% $1,096,161
November 2019 $147,276,912 $10,593,321 7.19% $1,006,365
December 2019 $161,808,924 $12,068,114 7.46% $1,146,471
January 2020 $171,049,250 $12,223,222 7.15% $1,161,206
February 2020 $187,186,221 $10,381,954 5.55% $986,286
March 2020 $74,818,802 $5,495,640 7.35% $522,085
April 2020 $26,304,128 $1,559,884 5.93% $148,189
May 2020 $37,334,940 $3,179,968 8.52% $302,097
June 2020 $29,783,580 $2,922,108 9.81% $277,601
July 2020 $70,876,622 $6,658,465 9.39% $632,554
August 2020 $169,018,238 $9,834,881 5.82% $934,314
September 2020 $207,450,106 $14,283,702 6.89% $1,356,952
October 2020 $230,932,251 $21,098,460 9.14% $2,004,354
November 2020 $251,403,994 $25,332,120 10.08% $2,406,551
December 2020 $313,112,474 $24,306,695 7.76% $2,309,136
January 2021 $348,244,676 $29,330,069 8.42% $2,786,357
February 2021 $273,893,073 $16,955,904 6.19% $1,610,811
March 2021 $316,717,762 $26,350,639 8.32% $2,503,311
April 2021 $236,403,308 $20,079,176 8.49% $1,907,522
May 2021 $254,445,226 $18,853,192 7.41% $1,791,053
June 2021 $246,321,671 $25,464,800 10.34% $2,419,156
July 2021 $194,492,669 $17,453,179 8.97% $1,658,052
August 2021 $215,636,824 $16,537,681 7.7% $1,571,080
September 2021 $355,425,184 $33,878,239 9.5% $3,218,433
October 2021 $461,131,242 $27,683,035 6.0% $2,629,888
November 2021 $463,684,739 $47,654,492 10.3% $4,527,177
December 2021 $463,015,613 $25,772,428 5.6% $2,448,381
January 2022 $500,138,648 $35,572,355 7.1% $3,379,374
February 2022 $409,109,104 $16,958,339 4.1% $1,611,042
March 2022 $476,802,783 $32,275,331 6.8% $3,066,156
April 2022 $360,023,255 $28,657,433 8.0% $2,722,456
May 2022 $308,385,687 $30,659,025 9.9% $2,912,607
Total (since launch) $8,089,140,715 $630,171,358 7.8% $59,866,281

We’ll update the above table once per month with the latest figures reported by the Indiana Gaming Commission.

IN Annual Sports Betting Revenue Totals

The table below shows Indiana’s annual sports betting handle, gross gaming revenue, and hold percentage, as well as state tax revenue collected.

Year Total Handle Revenue Hold Percentage State Tax Revenue
2019 $435,998,645 $42,758,942 9.81% $4,062,100
2020 $1,769,270,606 $137,277,099 7.76% $13,041,325
2021 $3,829,411,987 $306,012,834 8.1% $29,071,221

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.

May 2022 – Indiana sports betting revenue held strong in May 2022, as sportsbooks collected $30,659,025 in total profits. State tax revenue came in at $2,912,607.

April 2022 – While Indiana sports betting volume declined in April 2022, it was still a vast improvement over the previous year, as the Hoosier State collected over $120 million more in total wagers compared to April 2021.

March 2022 – After a relatively slow month through February, Indiana sports betting revenue recovered in March, totaling over $32 million from a 6.8% hold rate on a total handle of $476,802,783. The state collected over $3 million in tax revenue thanks to these figures.

February 2022 – Indiana sports betting revenue dipped through February 2022, despite the presence of major sporting events like the NFL Super Bowl. The state collected just $1,611,042 in tax revenue through February, while sportsbooks realized $16,958,339 off a 4.1% hold rate, less than half of the previous month.

January 2022 – Indiana kicked the new year off with a bang, setting a monthly sports betting handle record with just over $500 million in total wagers. While the subsequent sports betting revenue wasn’t a record for Indiana, it remained strong at $37 million thanks to a 7.1% hold rate.

December 2021 – Indiana rounded out the year with a nearly identical betting handle from the previous month, recording a total of $463,015,613 in wagers. Revenue took a slight hit, however, as sportsbooks tallied a 5.6% hold rate and over $25 million in revenue.

November 2021 Indiana once again set a monthly sports betting handle record in November 2021, although just barely with a figure of $463,684,739.

October 2021 – The state of Indiana broke the monthly betting handle record once again, reaching new heights for the second straight month. October 2021 saw over $450 million in total sports wagers in the Hoosier State.

September 2021 – Indiana broke the state record for monthly betting handle in September 2021, breaking the $350 million mark for the first time.

August 2021 – The month of August was more profitable for Indiana sports betting, as the handle for the month reached just over $215 million. That figure should continue to rise as Indiana sports bettors prepare for the coming NFL season.

July 2021 – July was a slow month for Indiana sportsbooks, with just $194 million taken in for the month. This is the Hoosier State’s lowest betting handle since August 2020. However, that was more than enough to help Indiana surpass a big milestone: over $4 billion has been bet on sports since legalization in late August 2019. With NFL season just around the corner, we expect a big increase in betting volume in the coming months.

June 2021 – Indiana reports $246 million wagered on sports in June, with a gross gaming revenue of $25 million – a good month for sportsbooks. Basketball and baseball were the most popular sports to bet on, with $77 million and $60 million in wagers, respectively. Even with the Indiana Pacers missing the postseason, the NBA Playoffs reign supreme in the Hoosier State.

May 2021 – Indiana bettors wagered $254 million in May, while sportsbooks kept just under $19 million in gross gaming revenue.

April 2021 – Indiana betting handle dips to its lowest amount in six months, with $236,403,308 wagered on sports in April.

Despite the 25 percent drop from the previous month, Indiana sports betting handle is up 156 percent for the first four months of 2021 versus the same months in 2020. The Hoosier State is on track to surpass $3 billion in annual betting handle for 2021. At the current pace, Indiana sportsbooks will generate approximately $275 million in gross gaming revenue this year.

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.

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.

State Population (2020 Census): 6,785,528

In-state Pro Teams: Indianapolis Colts (NFL), Indiana Pacers (NBA), and Indiana Fever (WNBA)

Launch Date: August 30, 2019

Biggest Monthly Handle: $463,684,739 (November 2021)

Regulator: Indiana Gaming Commission

Platforms: Online and retail

Tax Rate: 9.5 percent

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:

  1. New Jersey – $6,016,968,399
  2. Nevada – $4,340,581,339
  3. Pennsylvania – $3,580,864,477
  4. Illinois – $1,882,363,604
  5. Indiana – $1,769,270,606
  6. 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 IN 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!

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A lifelong athlete and sports fan who’s worked in sports for over ten years, Natalie brings a firsthand perspective and keen interest in sports business to her work. She’s excited to observe and analyze the future of the sports betting industry as it heats up.