Indiana becomes fifth state to reach $5bn in lifetime wagers
The state shattered betting volume records for the second straight month in October.
Indiana has once again broken the state’s record for betting volume in October, after bettors also broke it in the month of September.
Fueled by the year’s first full month of football, bettors raised $460m in October, making Indiana the fifth state to reach $5bn lifetime sports wagers.
“Five full weekends of the NFL and college football, the opening of the NBA season, and baseball’s postseason gave sportsbooks a rare convergence of betting inventory in October,” said Jake Garza, an analyst for PlayIndiana.com.
“To surpass the previous record by so much shows an increasing base of bettors, too. It’s hard to imagine a better start to the football season than what has happened in the last two months.”
Specifically, online and retail sportsbooks reached a total of $461.1m for the month, over $100m more than was raised in September and a 99.7% year-on-year increase.
While handle surged, gross revenue fell by 14.4% to $27.8 when compared to September.
“No state has capitalized on its potential as a sports betting market better than Indiana,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayIndiana.com.
“As impressive as some of these records have been, it is also important to remember that Indiana as a market still hasn’t fully matured.”
Of the state’s handle, $411.9m came from online wagers. DraftKings led the way with $150.7m, followed by BetMGM, Caesars, Barstool, and BetRivers.
“New operators are still investing in Indiana, which is evidence that there is still significant upside in the state,” Garza concluded.
“The environment has changed significantly over the last two years, but Indiana continues to flourish even as its larger neighbors adopt sports betting.”
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