Last week, the Indiana Gaming Commission reported a record $537.9 million handle for October 2024. That was up 25% year-over-year while revenue slipped 22.3% from October 2023. The state’s previous high from online sports betting and retail operators was $513.7 million from November 2023. This was their fifth time in state history with a handle of at least $500 million.
October was a month when sports betting operators struggled to turn their record handles into major profits. Last month, Indiana sportsbooks generated $35.2 million in adjusted revenue, down 22.3% from October 2023. Online sports betting in Indiana accounted for $523.4 million in total handle and produced a 6.6% hold. Retail sports wagering should have had a hold of 4% or greater in October.
What Indiana sportsbooks were the most profitable in October?
There was a chance for Indiana sportsbooks to cash in if October was anything like their September figures. In October, their betting handle increased 11.2% from the $483.8 million handle in September. However, revenue fell 33.7%. This was the first full month of wagering on the NFL and college football for residents in the Hoosier State.
DraftKings was coming off the best month ever produced by a single operator in Indiana. Despite that, the sportsbook was still able to generate $191.3 million in revenue. That was up from the $190.3 million in September 2024. Their $11.1 million in revenue was down 43.7% month-over-month. DraftKings only had a 5.7% hold in October.
FanDuel had a 7.6% win rate in October. With a $179.2 million handle, they collected $13.6 million in revenue. That was down 25% from their figures in September. BetMGM was third with a handle of $38 million in October. Fanatics Sportsbooks enjoyed their best month yet in Indiana with a handle of $26.8 million and $2.1 million in revenue. Their 7.8% hold was the second-best in state history only behind a 9.5% win rate.
Sports betting continues to grow in Indiana
During October 2024, Indiana sports bettors wagered $171.2 million on football. That was up 11.7% year-over-year and down from September’s $175.4 million. Parlays took in $184.1 million worth of wagers in October, The start of the 2024-25 NBA season helped generate $61.6 million in wagers. Indiana’s “other” sports category generated $86.4 million in October, a year-over-year increase of more than $20 million.
