The Indiana Gaming Commission reported sports betting handle of $361.6 million for May on Wednesday, a 27.6% increase from last year as basketball interest perked up thanks to the Indiana Pacers and Caitlin Clark.

Basketball handle totaled $97.2 million, an increase of $25.5 million from May 2023 as the Pacers reached the Eastern Conference finals for the first time since 2014. Clark, the No. 1 overall pick of the Indiana Fever who has made the WNBA a mainstream sports talking point as much for her on-court play as what goes on around her in relation to women’s basketball, also helped generate action despite the Fever’s 1-8 start to the season.

The state’s 16 retail sportsbooks and 12 sports betting apps combined for almost $39 million in taxable sports betting revenue, which included $306,000 worth of adjustments in their favor. That was up 15.4% from last year, though the 10.8% hold was more than 1.1 percentage points lower than 12 months prior.

Handle was down 8.2% from April, but revenue ticked 5.1% higher. Operators have attained a double-digit hold seven times in the last 13 months and cleared 9% on three other occasions in that span.

Indiana’s coffers saw an inflow of $3.7 million in tax revenue from operators in May, lifting the year-to-date total to $19.7 million. That is $3.3 million ahead of last year’s pace as the $206.9 million in sportsbook revenue is up 21.6% compared to the first five months of 2023.

1 New York $1.98B
2 North Carolina $525.5M
3 Maryland $431.5M
4 Tennessee $379.2M
5 INDIANA $361.6M
6 Iowa $182.5M
7 Maine $39.9M
8 WEST VIRGINIA $30.4M
9 Montana $4.87M

10 TBD #SportsBettingX #GamblingX

— Chris Altruda (@AlTruda73) June 12, 2024

Hoosier State mobile operators finished with a 10.7% hold on $351.7 million in handle, collecting $37.6 million in revenue. They have attained a collective win rate of 10% or better in five of the last eight months and currently own a 9.7% hold this year with $202.1 million in winnings from $2.08 billion worth of wagers.

FanDuel and DraftKings maintained their status quo in Indiana — FanDuel leading in revenue and DraftKings first for handle. FanDuel did more in May with less handle than April, fashioning a 14.1% hold in reaping $15.8 million from $112.1 million in handle. Revenue was up $8,760 from April despite a $16.7 million decline in wagering.

DraftKings came within $491,600 of its April revenue, totaling $12.6 million from $132.7 million in handle to notch a 9.5% win rate. It was the first time DraftKings posted back-to-back holds above 9% since topping 10% in December and January.

With $82.5 million in year-to-date winnings, FanDuel has generated $11 million more in revenue than DraftKings despite $113.6 million less in handle at $679.7 million.

BetMGM continued to be on an island for the No. 3 spots in both categories, landing a 7.9% win rate to pick up $2.5 million in revenue from $31.2 million worth of bets. That was also enough to surpass $150 million in all-time winnings in the Hoosier State.

ESPN BET, bet365, and Caesars occupied the next three slots in the revenue pecking order, separated by $263,100. ESPN BET led the trio with $1.5 million, crafting a 10.6% hold against $14.4 million; bet365 neared $1.4 million with an 8.3% win rate from $16.5 million in bets placed; and Caesars collected $1.3 million but had only a 6.6% hold as it led the group with $19.2 million in handle.

Fanatics Sportsbook fell $82,400 shy of $1 million, but the sports betting app tethered to Hollywood Lawrenceburg notched a 10.5% hold, the first time it had back-to-back double-digit win rates. Predecessor PointsBet last accomplished that feat in August and September 2022.

Five of the 12 mobile sportsbooks finished with double-digit holds, led by betting exchange SBK’s traditional betting platform posting a 15.5% win rate to claim a record $48,100. Its $123,300 in year-to-date winnings is more than half its all-time total of $221,000.

Bally Bet notched its first 10%-plus win rate of 2024 at 10.2%, keeping $531,800 of the $5.2 million wagered. Though Bally Bet ranked 10th in mobile handle for Indiana, it was nearly 65% of the $8.1 million handle it generated in New York.