Sports Betting Industry NewsSports News

Sportsbook Operators Continue to Win Big Against the Public in Indiana as the October Results are in

The Indiana Gaming Commission released its monthly handle for October. Sports betting operators combined for an average hold rate of 10.5 percent, which extended its double-digit win rate streak to four months.

Bookmakers Continue to Win Against the Public in Indiana

Bettors across the Hoosier State continue to struggle as the house won again last month. Sportsbook operators combined to register approximately $47 million in revenue, which is the third-highest figure in its 38-month sports wagering history.

It only trails the $51.2 million in September and the $47.7 million in November last year in winnings. These three months listed above were the only times the state surpassed the $40 million adjusted gaming revenue mark.

Operators combined to register a handle of $446.2 million, which noted an increase of 16.7 percent from the previous month. However, the total handle declined by 3.2 percent when breaking down the year-over-year figures.

Last October was a great month for the industry as a whole, as it covered five weekends. Compared to last month’s 13.4 percent record high, the hold rate was almost three points lower. Still, the win rate in Indiana has crossed the 10 percent mark for the ninth time in its history as the Hoosier State has become a prominent market in the industry.

How Did the Major Sportsbook Platforms Do in October?

DraftKings has been on a mission in the United States as it looks to close the gap with its biggest rival FanDuel. DraftKings has achieved this goal in Indiana, as the overall handle crown belongs to DraftKings.

Regardless of the situation, FanDuel continues its dominance in the revenue department. FanDuel has accepted $135.1 million for the month and registered a win rate of 13.4 percent. The renowned platform also set a revenue record for the second straight month by bringing in a total of $18.1 million.

In addition, FanDuel’s revenue for the year exceeded $100 million, surpassing that of all of 2021, while its handle surpassed $1 billion for the first time. With $149 million in its monthly handle, DraftKings paced all mobile operators in October for the third straight month.

BetMGM was the only other major sportsbook platform to surpass the 10 percent win rate by registering a win rate of 10.5 percent. Caesars wasn’t able to keep up with last month’s strong hold rate, as it dropped from 11.1 percent to 7.4 percent. Despite a higher handle, the revenue numbers dipped by 26.1 percent.

The state collected $4.5 million in tax receipts in October. Also, since its launch, Indiana has collected $75 million in total tax receipts, becoming the eighth state to reach that milestone.

Retail Locations Continue to Play Their Role

Retail locations across the state have continued their trend as they continue to destroy the public brick-and-mortar locations were able to register a hold rate of 15.6 percent, which means they extended their double-digit victories to four months.

For the second consecutive month, Hollywood in Lawrenceburg topped $2 million with $2.1 million in wagers. The location cleared the $90 million mark for the year while accepting $11.9 million in wagers for the month.

There are still two months left in the final quarter of 2022 left to report. Retail sportsbooks in the Hoosier State look to continue the trend going into next month.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *