Behind its ninth consecutive month of at least $300 million in total sports betting handle, in May Indiana became the fifth state to top the $8 billion mark in all-time sports betting handle.
In spite of a lack of college football or basketball, sports bettors in Indiana continued to place record wagers, fueled by interest in the NBA and NHL playoffs. Thus far in 2022, in excess of $2 billion in wagers have been placed with sportsbooks in the Hoosier State. That puts the industry on pace to do more than $4 billion this year. In 2021, Indiana reported a total betting handle of $3.8 billion.
Indiana launched its legal sports betting market in 2018 to become one of the first states in the Midwest to go live. By topping $8 billion in lifetime sports wagers, the state joins New Jersey, Nevada, Illinois, and Pennsylvania as the only states to reach that figure. New York is poised to join the exclusive club. As of May, New York has $7.8 billion in total handle in less than half a year of sports betting activity.
Neighboring Illinois has had a slow evolution of sports betting, gradually shifting from retail-only to restricted mobile apps, and now expanding. On the other side of Indiana, Ohio will launch its sports betting market on Jan. 1, 2023. It’s not expected that the Buckeye State launch will impact wager totals in Indiana.
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Indiana Revenue Up Almost 30% From 2021
The State of Indiana is surging with growth in sports betting in 2022. Compared to the previous year, the total handle is up 43%, and revenue has increased by a whopping 29%. Since launching in 2018, the state has recorded $630,171,358 in revenue, which has generated $59.8 million in taxes to state coffers, according to the state website.
With a keen interest in the Indianapolis Colts and NBA’s Pacers, as well as Big Ten football and college basketball and football in general, sportsbooks have found a profitable environment in Indiana. According to the latest monthly report for May, FanDuel was the top sportsbook by total handle for the second straight month, followed by DraftKings and BetMGM. Those three are well ahead of rivals, which are followed in line by Caesars Sportsbook, BetRivers, and Barstool.
According to the state report, mobile sportsbook operators had a 10.1% win rate for May (on a $284.9 million handle), which is the second highest figure ever in Indiana. Retail sportsbooks also had a good month. All but one of the 10 licensed operators reported a hold of 10% for May 2022.
AP Photo/Michael Conroy