Fueled by exciting college football and NFL seasons, and paired with easier access to registration, both Indiana and Iowa set records for sports betting revenue in October.
Indiana Tops $450 Million for First Time
For the first time, the sports betting handle soared past $450 million in Indiana, assisted by a full month with five weekends of NFL action. According to a report from the Indiana Gaming Commission, online and retail sportsbooks in the Hoosier State reported a $461.1 million handle for October. That impressive figure breaks the previous record of $355.4 million set in September by more than $100 million — an increase of 29.7%.
Indiana is just the fifth state to exceed $450 million in sports betting handle in a single month, joining Illinois, New Jersey, Nevada, and Pennsylvania. Since sports betting was legalized in Indiana in 2019, $78.3 million has been paid to the state in tax revenue.
Year-over-year, the October sports betting handle in Indiana is nearly double (+99.7%) compared to the $230.9 million handle of October 2020. Last month, Indiana became just the fifth U.S. state to top $5 billion in sports wagers all-time.
Online sports bettors placed $411.9 million in wagers, (89.3% of October’s total handle), while retail sportsbooks took in $49.2 million in Indiana.
Top Indiana Sportsbooks in October 2021
Indiana currently has 12 online sportsbooks, with three more slated to launch before the end of 2021. Interest in college football and NCAA football remains high. Football bets and parlay betting accounted for $303.4 million of the sports betting totals last month.
Compared to the same period in 2020, revenue from sports betting in Indiana in October was up 10.9%, but gross revenue fell 16.4% from a record-setting revenue month in September of 2021. Sports betting generated $2.6 million in state taxes for Indiana in October.
Indiana is one of the least restrictive states in regards to sports betting. Sportsbooks in Iowa allow in-game bets on Indiana colleges, and also offer betting on non-sports competitions like the Oscars.
Iowa Sports Betting Soars After Lift of In-Person Registration
According to a revenue report published by the Iowa Racing and Gaming Commission, sports bettors in Iowa wagered $280.9 million in October. This marks the second consecutive month that Iowa sports betting has a record handle. In September, the total was $210.4 million. Previously, the high mark in Iowa for sports wagers was $161.4 million in March of 2021.
Top Iowa Sportsbooks in October 2021
- Caesars — $97 million
- DraftKings — $76.4 million
- FanDuel — $38.1 million
Iowa legalized sports betting in 2019 and was one of the first states to take that action after the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act the prior year and cleared the way for states to implement their own legislation.
Proving their mettle, Iowa regulators launched sports betting quickly, four months after laws were passed approving it in the Hawkeye State. There are now 17 sportsbooks operating in the state.
Initially, sports bettors in Iowa were required to register with a sportsbook in person, but that requirement was lifted on Jan. 1, 2021. Since, sports betting has grown rapidly in Iowa, especially for a state that does not have a major professional sports team.
Iowa still does not allow prop bets on in-state college sports, but fans in the state are flocking to online sportsbooks, which accounted for 89% of the sports betting handle in October, or $249.9 million.