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Another month, another year-over-year decline in handle for Indiana’s sportsbooks.
The Indiana Gaming Commission reported sports wagering handle of $356.2 million for the month of February. That was a 12% decrease from February 2022’s number of $409 million.
That marked the second straight month of decline from the previous year, and the reason is clear enough: the dawn of legal wagering in neighboring Ohio. This was also the first time since September that wagering didn’t hit the $400 million mark.
For the month, Indiana’s operators reported $27.7 million in adjusted gross revenue for a hold of 7.7% The state received $2.8 million in taxes for the month.
As for what the state was betting on, basketball was the leader at nearly $166 million, and the wide-ranging category of “parlay” accounted for nearly $100 million. Football clocked in at $20.5 million, with “other” categories accounting for $69 million.
Handle and hold tell different stories
On the operator level, DraftKings led the way in online handle with $119.5 million, with FanDuel close behind at $112.8 million. But the two took different paths on hold, with DraftKings holding 7.2% and FanDuel — likely due to its ever-expanding parlay menu — at 12%.
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Caesars jumped over BetMGM in handle for the month by a $33.4 million to $31.4 million margin. But much like DraftKings and FanDuel, hold tells a much different story, with BetMGM holding almost 9% of wagers and Caesars limping in at an abysmal 2.8%.
BetRivers was next at $11.7 million in handle (with a 5% hold), followed by Barstool Sportsbook at $10 million (4.5% hold). Rounding out the rest: Hard Rock, $5.5 million in handle; WynnBet, $2 million; Unibet, $896,788; Betway, $502,340; and Bally Bet, $70,248.
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