Indiana Sports Betting Handle Ramps Up In March, But Revenue Falls
The proliferating Indiana sports betting market had another strong month in March, accepting more than $550 million in wagers and producing nearly $3.4 million in state taxes.
The $553.6 million handle represented a 10.5% growth over March 2024. However, the $35.8 million in adjusted gaming revenue (AGR) was 10.2% lower than the previous year’s total.
- Market activity increased year-over-year and from February, but AGR fell.
- March Madness drove basketball to be the far-and-away most popular market.
- DraftKings retained its spot as the top market operator.
The AGR decline marked a sharp deviation from February's performace, when operators increased handle by 5.2% to $432.9 million and AGR by 25.7% to $47.8 million.
Surprisingly, the market outperformed its February numbers, including the all-popular Super Bowl. Handle grew 27.9% from $432.8 million, although AGR fell 25% from $47.7 million, and the tax contribution declined from $4.5 million.
It's no surprise March Madness betting drove the market. The American Gaming Association estimated before the tournament tipped off that U.S. would receive $3.1 billion in bets.
The Indiana Gaming Commission reported $270.1 million (48.8%) of March's sports betting handle came from basketball wagers.
Baseball was the second-most popular sport for straight bets, generating a $13.3 million handle, or 2.4% of the total. Football produced $1.4 million in bets, or less than 1% of the handle.
Parlay bets were a massive attraction, just as they are in every state and across every market.
Indiana sports bettors placed $178.5 million in parlay bets, more than 32.2% of the monthly total. That was an extra 2.6% of the monthly handle over the 29.6% parlays accounted for in March 2024’s total handle.
DraftKings leads March handle, revenue
Ameristar Casino partner DraftKings had the best performance of any Indiana operator in March, generating $196.9 million in online and retail bets and producing $13.4 million in AGR.
FanDuel (Blue Chip Casino) came in second with $166.3 million in total handle and $12.6 million in AGR.
Hollywood Lawrenceburg partner Fanatics ($37.7 million) narrowly outpaced Belterra partner BetMGM ($37.6 million) in total online handle, although BetMGM had much higher gross receipts ($2.8 million to $862,284).
Bet365 had $30.3 million in online handle and $1.2 million in gross receipts; William Hill (ESPN Bet) produced a $27.5 million online handle and $685,003 in receipts; BetRivers had a $14.4 million online handle and $917,543 in receipts; Hard Rock finished with an $11.5 million online handle and $512,375 in receipts; Bally Bet produced a $2.7 million online handle and $96,898 in receipts; and Caesars rounded things out with an $840,880 handle and $55,669 in receipts.
Although DraftKings led the market and increased its year-over-year handle, its market share fell from 37.3 to 35.5%. FanDuel produced nearly identical shares of 30.7 and 30% in 2024 and 2025.