November was a banner month for Indiana sports betting in more ways than one.
According to data released Tuesday by the Indiana Gaming Commission, Hoosier gamblers wagered $513.7 billion for the month. Not only was that a nearly 20% increase from October’s handle, the total also shattered the previous record of $500.1 million set in January 2022.
The month-to-month uptick in betting was somewhat surprising, especially given that October featured five NFL weekends of action, compared to four last month. Although November did include a Thanksgiving holiday slate that featured several high-profile college football rivalries. Last month also marked the start of the college basketball regular season and the first full month of NBA games.
While football is typically the top sport in most sports betting state, anyone who has watched “Hoosiers” knows that basketball reigns supreme in the heartland. In November, single wagers on basketball totaled $145.7 million and football accounted for $136.9 million.
Parlays were the most popular betting option, with Hoosiers putting down $169.8 million on multi-leg wagers.
Top Two Remain the Same
DraftKings Indiana retained the top spot among Indiana sports betting apps, with an online handle of $188 million, with FanDuel and its $175.6 million total remaining in second. However, after FanDuel reported the most revenue in October, DraftKings reclaimed the spot last month. The Boston-based gaming company posted gross receipts of $10.1 million, roughly $600,000 more than its Flutter Entertainment rival.
Caesars and BetMGM jockeyed for third place, with Caesars reporting a handle of $37.4 million, less than $200,000 more than BetMGM. However, the joint venture between MGM Resorts International and Entain reported revenues of $1.9 million vs. the $650,416 earned by Caesars.
ESPN BET Indiana also enjoyed a strong debut. PENN Entertainment’s online sportsbook, which rebranded to the popular sports network’s name on Nov. 14, reported a handle of $27.5 million and receipts of $2.6 million. That does include wagers made during the first half of the month under the Barstool Sportsbook name. Barstool generated a handle of $7.7 million and revenues of $546,490 in October.
Revenues Take a Tumble in November
While the handle rose significantly from October, sportsbook revenues went in the other direction.
The state’s 12 licensed online operators and 14 brick-and-mortar sportsbooks reported adjusted gross revenues of just $30.7 million. A year ago, the sportsbooks won nearly $40 million off a handle of $452.3 million, and last month, they generated an AGR of $45.2 million off the $429.7 million handle.
Football likely played a major reason for the drop in revenue, especially with 11 point-spread favorites winning during the Thanksgiving weekend slate of NFL games.
Sportsbooks winning less meant Indiana received less. The IGC reported the state’s 9.5% sports wagering tax generated $2.9 million in November, down from October’s $4.3 million total.
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Indiana Sports Betting, November vs. October
| Total handle | Mobile handle | Revenue (taxable AGR) | |
|---|---|---|---|
| November | $513.672M | $500.390M | $30.729M |
| October | $429.673M | $416.124M | $45.233M |
| Change | Up 19.5% | Up 20.3% | Down 32.1% |
