Indiana: Sports betting sees nearly 12% decline in wagers in May, state generates $33.5 million in revenue

Indiana saw a dip in sports betting by nearly 12% in May, as compared to last month, with a total of $284 million in wagers, as per recent data released by the Indiana Gaming Commission. The state also saw a decline of 8.1% in sports wagers when compared to the same month last year. However, Indiana’s revenue through sports wagers in May was $33.5 million, which was 14.3% higher than in April and 5% higher than in May 2022. 

The maximum revenue was generated by Blue Chip Casino and partner FanDuel, who retained the top spot for revenue in Indiana, generating $13.3 million in revenue from $96.6 million placed in bets. 

The second place was secured by Ameristar Casino and its partner DraftKings, generating a revenue of $10.9 million from a $95.6 million handle. It was followed by Belterra Casino and partner FanDuel who generated $3.5 million in revenue off a $26.5 million handle.

Indiana’s adjusted gross revenue for May reached $33.8 million, which was 10.1% more than $30.7 million in May last year and also 15% ahead of $29.4 million in April this year. Indiana collected $3.2 million in sports betting tax in May 2023.

Local media reports note that the majority of Indiana’s last month wagers came in the form of parlays, which is when a bet is placed on multiple outcomes to occur. For a parlay bet to win, all outcomes within the parlay must be selected correctly. 

Indiana generated $79.4 million in parlay bets last month, which was up nearly 3% year over year. In terms of individual sports, basketball raised the highest individual sport with $72 million in wagers, followed by baseball at $64.9 million. 

Analysts at PlayIndiana attributed the dip in Indiana’s sports betting to the maturity of sports betting in the state and the increase in options in the neighboring states.