Indiana Betting Handle Soars in March but Revenue Dips

March proved to be a busy month for licensed sports betting operators in Indiana, newly released data by the gambling regulator in the state, the Indiana Gaming Commission (IGC), reveals. The total betting handle reported by operators in March hit $500.8 million. This result, compared to the $433 million figure reported for the same period in 2023 marked an increase of 15.6% year-over-year.

But while the betting handle increased year-over-year, this was not the case for taxable adjusted gross revenue (AGR). In total, taxable AGR halted at $39.4 million in March this year. Compared to the $42.8 million in taxable AGR posted a year earlier, in March 2023, a decrease of more than $3 million was observed.

Not unexpectedly, the decrease in taxable AGR year-over-year also impacted the taxes collected by Indiana for March. In total, the sports wagering tax collected by the state last month was $3.7 million, down from $4,070,044 for the same period in 2023.

Still, month-over-month, the latest results showed an uptick. In February, the betting handle in Indiana halted at $408.7 million, a far cry from the recently reported $500.8 million. Not unexpectedly, the taxable AGR a month earlier, in February, was also lower. Licensed operators in Indiana reported taxable AGR of nearly $38 million this February, a result that was $1.4 million below the March figure.

DraftKings Posts Highest Betting Handle in March

A breakdown of the $500.8 million betting handle reveals that basketball was the most popular sport during last month. The bets on basketball hit $167.9 million, while baseball was a distant second with $9.9 million in wagers followed by football with $1.7 million in bets. Wagers on other games accounted for $173 million, while parlay bets were $148.1 million from the total.

Additional details released by the IGC reveal that DraftKings was an unquestionable leader in the state last month. Overall, the operator whose partner is Ameristar Casino, reported $184.3 million in betting handle, posting $14.5 million in taxable AGR.

Following closely was FanDuel with its partner in Indiana, Blue Chip Casino. The total handle reported by FanDuel in March was $153.2 million, the second-best result for the state. Together with its partner, the operator posted $14.5 million in taxable AGR.

The distant third place belonged to BetMGM with its Indiana partner Belterra Casino. Overall, BetMGM’s betting handle in March was $42.3 million, translating to $2.6 million in gross receipts.