Indiana’s June Sports Betting Handle Goes Below $300 Million For the First Time in a While
The summer slowdown continues in Indiana as the effects are more apparent for the month of June. Sportsbook operators in the Hoosier State experienced the lowest handle in 11 months as the industry awaits the NFL season.
Indiana’s Sports Betting Handle Witnesses Another Slump
The Indiana Gaming Commission reported a handle of $256.3 million on Tuesday. This noted a 14 percent decline from May’s $308.4 million. This is the first time in 10 months, August 2021, that the total handle fell below the $300 million mark.
Still, when comparing the year-over-year numbers, the figures were up four percent from last June’s total. The New York sports betting market has exceeded Indiana’s post-PASPA handle as the Empire State secured the fifth spot.
The Hoosier State is known as a basketball state, but this is the first month of the year where baseball took the top spot as the most-wagered sport in the state. Baseball brought in a handle of 84.6 million, and basketball’s total hit $36.4 million. As a result of the NBA Finals taking place in June, the basketball category had strong numbers to push the year-to-date totals to $1.3 billion.
The Revenue Figures were Nearly Cut in Half from May
Bookmakers across the state combined to bring in a total of 15.8 million of taxable revenue. The revenue numbers were nearly cut in half from a month ago as operators in May combined to accumulate a total of $30.7 million.
The hold percentage for this month was slated at 6.2 percent, which is the seventh lowest total in the last 34 months of operation. The hold rate was also nearly four full percentage points lower than June’s rate of 9.9 percent.
The hold percentage for June was below the national average as many other states are also below the average. The state was able to collect $1.5 million in taxes for the month, which brought the overall total of the month $15 million for the first half of the year.
Although handle and revenue were lower than last month due to the summer slowdown, year-over-year numbers are better than last year. The overall handle has increased by 37.9 percent, and the overall revenue total is up 16.8 percent. The tax receipts have also noted an increase of $2.2 million.
Breaking Down the Market Share Numbers for Operators in June
The handle and revenue numbers may have declined over the month, but the market share order relatively remained the same. For the fourth straight month, FanDuel has secured the top positions in both the handle and revenue categories. FanDuel had a mobile handle of $79.4 million and $5.5 million in revenue.
DraftKings easily claimed the second spot with an online handle of $70.8 million; however, the revenue difference was just only $200,000. BetMGM’s handle was less than half of DraftKings’ handle with $33.2 million. Caesars rounded out the top four with a handle of $25.3 million, with a revenue total slightly going over $750,000.
