Indiana Sports Betting Revenue Sees Fluctuations Amid Growing Interest

Monthly Sports Betting Growth in Indiana

Indiana's Gross Gaming Revenue (GGR) has grown exponentially since sports betting launched in 2019. In that first year, it was $41.6 million, a strong start considering it was only live for a few months. By 2020, GGR had tripled to $136.4 million as the market matured and mobile betting became more popular with Indiana bettors.

The growth continued in 2021, with GGR reaching $308.3 million, a 126% increase since the previous year. That slowed slightly in 2022 and 2023, with GGR reaching $386.9 million and $404.4 million, respectively.

In 2024, Indiana continued its strong performance in the sports betting market, recording $467.81 million in GGR between January and November. This year-to-date total highlights the market's consistent strength. Monthly GGR reached a high of $54.6 million in January and a low of $29.4 million in August, marking the second straight month of lower revenue during the summer slowdown. Despite this, Indiana’s sportsbooks quickly rebounded, recording $52.9 million in winnings for November.

The total handle from January through November 2024 reached an impressive $4.59 billion, maintaining Indiana's third-place ranking nationally in terms of betting figures. The monthly handle peaked at $537.9 million in November, marking a straight month of record-breaking activity as bettors placed their wagers during the football season.

The state’s average monthly hold percentage for 2024 was 9.57%, resulting in steady operator revenue and demonstrating Indiana's reliability as a lucrative sports betting market. Compared to last year, these figures show how Indiana's market has matured while continuing to deliver strong returns.

Tax revenue for 2024 year-to-date reached $41.95 million, further cementing sports betting as a significant source of money for Indiana's economy. This consistent tax revenue has helped fund various state initiatives, showcasing the economic benefits of a well-regulated market.

As the market grows, Indiana bettors continue to show strong engagement. From GGR to total handle, Indiana remains a benchmark for other states, with 2024 setting the stage for even greater performance in the coming years.

• May 2019: Indiana enacted a state gambling law, HB 1015, which established a comprehensive framework for online sports betting and land-based gambling in Indiana, creating a solid legal and administrative foundation for sports wagering. (LegiScan, 2019)
• September 2019: First retail sportsbooks open.
• October 2019: Online sports betting officially begins.
• December 31, 2020: Indiana completes its first year with a sports betting handle exceeding $1 billion.
• December 31, 2023: Indiana demonstrates remarkable growth with its first year with over $4 billion in bets.
• July 10, 2024: The state gambling industry is rocked by scandal as state Rep. Sean Eberhart is sentenced to 12 months and a day in federal prison in a casino corruption case. (IndyStar, 2024)

Since legalization, the state has seen significant jumps in (GGR) and tax revenue. Below, you will find a brief summary of its trajectory from 2019 to 2023:

2019

Indiana's first-year GGR was $41.6 million, and its tax revenue was $3.9 million, demonstrating significant market potential.

2020

Year-over-year growth picked up in 2020, with GGR more than tripling to $136.4 million and tax revenue of $13.2 million. This growth weathered the initial pandemic disruption.

2021

The market grew significantly in 2021, with a GGR of $308.3 million, a 126% increase from the previous year, and the sports betting handle increased by over $2 billion.

2022

In 2022, growth slowed as the Indiana sports betting market matured. GGR was $386.9 million, 25.4% up from 2021. Tax revenue was $36.8 million, up $7.7 million from 2021. The slowdown was due to a combination of factors: increased market saturation, a pandemic wagering dip, and neighboring states offering similar products.

2023

Indiana's market continued to mature in 2023 with a GGR of $404.4 million and tax revenue of $38.4 million. Another year of relative stability suggested the operators may have tapped into most of the state's growth potential.

• Since 2019, Indiana's market has expanded quickly, from $41.6 million of GGR in its first year to $404.4 million in 2023, nearly 10x growth.
• Between 2019 and 2021, the state experienced explosive year-over-year growth, with 2020 tripling 2019 by gaming revenue, handle, and taxes yielded, while 2021 doubled by those three metrics compared to 2020.
• The market stabilized in 2022 and 2023. Growth slowed, but the market remained on a stable upward trajectory. During the same period, GGR rose by over $17 million.

Indiana's market has grown from a tiny, newly legal market to one of the biggest in the Midwest. That growth has gone from rapid to steady as it approaches its ceiling.

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