As the leaves of the sports betting calendar turned to February, the state of Indiana witnessed a rather interesting constellation of wagering activity. Total handle for the month reached an impressive $408.7m, representing a 14.7% increase over last year’s $356.2m but still saw a decrease from January’s high of $480.3m this year, signaling a shift in betting interests among Hoosiers.
Even with the excitement surrounding Super Bowl LVIII, this marquee event seemed to have a surprisingly subdued influence on betting practices. Out of all the wagers placed, a mere $14.1m were specifically earmarked for American football, suggesting that the allure of the sport’s biggest game may not have translated into expected levels of betting fervor.
Basketball took center stage as the most popular sport for bettors in Indiana, amassing $117.6m of the total bets. On the other end of the spectrum, baseball attracted a modest $2.1m worth of wagers. Parlay wagering captured a significant portion of February’s betting slip, totalling $191.0m, whereas betting on other sports rounded off with $83.6m.
As far as revenue is concerned, February painted a vivid picture of the flourishing sports betting market. Revenue struck a tally of $38.0m for the month, which is a substantial 37.2% boost compared to $27.7m in February of the previous year but it did fall behind January’s record-setting $53.5m by 29.0%.
The partnership between Blue Chip Casino and FanDuel emerged as the leading contender in the revenue race for February. They boasted a sports betting revenue of $13.8m from a handle of $126.5m. Closely on their heels, DraftKings and Ameristar Casino, the previous month’s market leaders, garnered $13.6m in revenue, although their handle was marginally higher at $153.5m.
The French Lick Resort, with its new alliance with Bet365 celebrating its first full month, stood out with a solid performance. Their partnership bore fruit to the tune of $3.5m in revenue from a handle of $30.7m. Not too far behind, and adding to FanDuel’s successful month, was Belterra Casino with revenue of $3.2m derived from $31.3m in bets.
February also marked the debut of a new player in the Indiana sports betting market. Fanatics Betting and Gaming (FBG) launched its online sportsbook towards the month’s end, coming in to replace the PointsBet brand. In a streamlined transition, existing PointsBet customers in Indiana found their account details—including username, password, account balance, rewards points, and responsible gaming settings—automatically transferred to the new Fanatics Sportsbook.
The changeover comes in the wake of FBG’s strategic acquisition of PointsBet US in August of the prior year. As FBG phases out the PointsBet brand across the United States, it has also launched operations in New York, expanding its reach to a total of 15 states.
Indiana’s February sports betting activities highlight an evolving market, with surprises in the sports preferences amongst bettors and shifting leadership within casino operators and partners. All eyes will be on the coming months to see how these trends develop, and whether new entrants like FBG will manage to effectively disrupt the status quo and capture the hearts and wallets of Indiana’s eager bettors.
