Indiana became one of the first states to announce its sports betting numbers for May, and it was an impressive month for the state. The Hoosier State saw a nice jump from a slow April, and it could set the stage for a big summer.
The total sports betting handle was $254.4 million in May, which was an increase of more than 7% from April. The launch of some new operators helped the numbers grow, but so too did some big sporting events.
Online sports betting continues to lead the way in Indiana as that form of betting made up 92% of the total handle. Even though there are close to a dozen retail sportsbooks in the state, bettors continue to do most of the betting online.
One number that was disappointing for the state was that the revenue was actually down 6.1% for the month. The taxable adjusted gross revenue was $18.85 million after it was over $20 million in April.
The record for the total sports betting handle in the state was set in January 2021, and it was $348.2 million.
Hoosier State Loves Its Basketball
Even though there were only a handful of basketball games during the month of May, it was still the most popular sport to bet on once again. The total handle for the sport of basketball was $82.3 million, easily the biggest betting market.
Parlay betting brought in the second-highest total at $62 million, and that is one betting option that continues to grow. The “other” category was actually next on the list with $51.5 million, and the Indianapolis 500 was the biggest reason for that increase.
Baseball brought in just over $50 million in bets for the month of May, and that sport will soon be the only betting option in the state.
Big Names Lead the Way
There continue to be two big sports betting operators leading the way, leaving the rest in the industry to try and catch up. DraftKings was once again the clear leader in total handle, but it was FanDuel that brought in the most money gross receipts.
DraftKings had a handle of $81.8 million, and FanDuel was right behind them at $79.3 million. BetMGM remained in third place for the month of May, but that operator failed to reach even $30 million in total handle.
Even as the state has continued to become more competitive in this industry, DraftKings and FanDuel have remained unchallenged.
Barstool Sportsbook Now Available
The Barstool Sportsbook was able to officially launch in Indiana on May 18, and that operator actually did pretty well in terms of handle. Barstool Sports has built up a massive following, and there was plenty of hype and anticipation for this launch.
According to the figures, Barstool Sportsbook had a handle of $6.3 million and revenue of close to $275,000. Those are impressive figures for just two weeks of action, and this sportsbook should help the state see a boost in handle and revenue in June.