Ohio has emerged as one of the biggest sports wagering markets in the Midwest and in the industry thanks to its universal launch, which has put Indiana’s market at a disadvantage. However, the Hoosier State’s revenue surged for the months due to March Madness.
Indiana Bounced Back in a Big Way
On Wednesday, the Indiana Gaming Commission reported adjusted gross sports wagering revenue of $42.8 million for March, with operators winning more than last year despite a lower handle. Through the 43 months of operation, the total for the month ranks fourth all-time.
The last time the sportsbook operators registered such results could be traced all the way back to last October, when they combined to accumulate $46.9 million in the category. That was when the jurisdiction surpassed the $40 million benchmark for just the fifth time.
The bookmakers combined to post a handle that was slightly more than $433 million, which noted a significant increase from February by 21.6 percent. However, the year-over-year took a massive hit as it was 9.2 percent lower than the previous year.
One of the primary reasons behind the decline was that both of the major schools in the state didn’t fare well in the tournament. One of the favorites of the tournament, Purdue, lost in the first round to Fairleigh Dickinson University, while Indiana lost to the University of Miami in the second round.
What Was the Market Share for the Month Between the Competitors?
The hold was 9.9 percent, the sixth time in nine months that it has been 9.8 percent or higher. In the first quarter of 2023, the win rate for the company was 8.8 percent, 2.7 percentage points higher than the first three months of 2022, resulting in an increase of 26.2 percent in revenue to $107 million despite a 12.2 percent drop in the handle.
For the month, the state claimed a little over $4 million in tax receipts, which brought the total to $10.3 million for the year. FanDuel continues to win against the public due to a hold rate of 11.9 percent. The strong results brought $16.2 million in revenue based on a $136.1 million handle.
For the second consecutive month, DraftKings topped the handle list with $144.2 million. March revenue of $13.4 million represented a 9.3 percent hold and was within $302,000 of its all-time high.
BetMGM also topped 11 percent and accounted for $4.5 million in revenue from $40.1 million in accepted wagers. BetMGM finished behind Caesars Sportsbook for the third spot in Hoosier State handle with its seventh double-digit win rate in nine months.
Caesars bounced back in a huge way by accepting $40.9 million in March, which was the most since March 2022’s $54.9 million. BetRivers rounded out the top five with $11.6 million in the handle and $1 million in revenue. In terms of post-PASPA numbers, Indiana ranks sixth all-time with an overall handle of $11.7 billion.