Indiana’s sports betting industry is reaching new heights. In November, sportsbooks across the state hit a record-breaking handle of more than $614 million, a significant leap of 14.2% from the previous record of $538 million set just the month before. The Indiana Gaming Commission shared this milestone alongside a healthy boost in casino revenues, which soared to over $186 million—a year-over-year increase of 8%.
The figures tell a story of growth and enthusiasm in the Hoosier State, where sports betting has become a major player in the gambling sector.
A Look at the Numbers Behind the Record
After bettors cashed out their winnings, Indiana sportsbooks retained nearly $69 million in revenue for the month. This reflects an 11% hold, an impressive figure compared to the $35 million collected in October. To put this into perspective, November 2022 saw sportsbooks earn just $31 million from a handle of $514 million. This year’s performance represents almost double the revenue collected in the same month last year.
The growth is not limited to sportsbooks alone. Casino revenue, which hit $186 million, further underscores the increasing engagement with gambling in Indiana. With an 8% rise compared to last November, it’s clear that the industry as a whole is thriving.
FanDuel Takes the Lead, Overtaking DraftKings
Blue Chip Casino, operating under the FanDuel online sportsbook, emerged as the top performer in November. The operator posted a staggering $215 million handle, a 19.6% jump from October, overtaking the previous leader, DraftKings. DraftKings, which operates through a partnership with Ameristar Casino, wasn’t far behind, reporting a handle of nearly $207 million—an increase of 6.3% month-over-month.
This shift in leadership highlights the competitive nature of Indiana’s sports betting market. FanDuel’s ability to attract a larger share of the handle may reflect its growing popularity among bettors, as well as strategic marketing and promotions.
Horseshoe Hammond Sees the Biggest Spike
While FanDuel claimed the largest handle, Horseshoe Hammond Casino stood out for its remarkable month-over-month growth. The property recorded a 41% increase in handle from October, the most significant jump among all Indiana casinos. This surge could be attributed to a combination of increased foot traffic, targeted events, and heightened interest in sports betting during the busy November sports calendar.
Indiana’s Position in the US Sports Betting Market
Indiana’s success is part of a broader trend in the United States, where sports betting continues to gain traction. With its growing handle and rising revenues, Indiana has positioned itself as a key player in the national sports betting landscape.
The record-breaking $614 million handle puts the state among the top-performing sports betting markets in the country. Factors like favourable legislation, competitive operators, and a strong sports culture have contributed to this rise.
As more states legalize sports betting, the competition is likely to intensify. However, Indiana’s ability to continually set new records signals that the market here is not just growing but thriving.
What’s Driving the Boom?
The November handle wasn’t just a stroke of luck—it reflects larger trends and strategies at play. Here are some key factors contributing to Indiana’s impressive growth:
- Sports Calendar: November is a busy month for sports, featuring NFL games, college football rivalries, and the start of the NBA season. These events drive higher betting activity.
- Promotional Campaigns: Operators like FanDuel and DraftKings heavily invest in promotions, including odds boosts and risk-free bets, which attract new and returning bettors.
- Online Betting: The convenience of online sportsbooks continues to draw users. In Indiana, mobile betting accounts for the vast majority of the state’s handle, further pushing numbers upward.
Future Projections
As the year closes out, December figures will likely show whether this momentum continues into 2024. Key events such as NFL playoffs and college bowl games could provide another boost. Additionally, the state’s robust gambling framework and competitive operators suggest that Indiana is well-poised for sustained growth.
For now, the Hoosier State can celebrate a record-setting month that reflects both the enthusiasm of its bettors and the strength of its sports betting market.
