Indiana November Sports Betting Hits New Heights

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November 2023 proved to be a landmark month for Indiana’s sports betting market, with handle figures in the state’s sportsbooks processing $614.3 million in wagers, representing a 14% increase from the $537.9 million recorded in October.

The handle was accompanied by equally impressive revenue figures, adjusted gross revenue for November reached $68.5 million, nearly doubling October’s $35 million. The November 2024 handle represented a nearly 20% increase from November 2023.

A key factor contributing to November’s revenue figures was the improved hold percentage for sportsbooks. After a bettor-friendly October that saw operators retain just 6.5% of wagers, November witnessed a significant rebound. Sportsbooks managed to keep approximately 11% of the total handle.

November’s robust performance translated into approximately $6.5 million in tax revenue for the Hoosier State, nearly doubling the $3.3 million collected in October.

November’s results revealed a highly concentrated market dominated by two major players. FanDuel and DraftKings emerged as the clear leaders in Indiana’s sports betting landscape, each processing over $200 million in wagers for the month.

After trailing slightly in October, FanDuel surged ahead in November to claim the top spot in terms of handle. The operator processed an impressive $214.4 million in wagers, edging out its closest competitor by approximately $9 million.

Despite leading in handle, FanDuel’s adjusted revenue of $23.6 million fell slightly short of its main rival.

While DraftKings narrowly missed out on the top spot for handle with $205.4 million in wagers, the operator managed to secure the highest adjusted revenue for November. DraftKings reported $25.8 million in revenue, outperforming FanDuel by approximately $2 million despite the lower betting volume.