DraftKings maintained its market share lead by handle in Indiana with 21.3% handle growth month-over-month from $77.6 million to $94.0 million.
August financials also mark the four-year anniversary of legalized Indiana sports betting. Total handle since it was signed into law is fast approaching $13 billion, with over $100 million contributed in taxes. Tax contribution in August 2023 was just over $2 million.
Partnered with Ameristar Casino, DraftKings also saw a 2.75% month-over-month rise in gross receipts, taking $7.6 million in August, just edging up from the $7.4 million in July.
FanDuel was a distant second in handle, taking $70.9 million in wagers, but still recorded a considerably higher margin and thus higher gross receipts than its main rival. Handle rose 13.0% compared to DraftKings 21.3%, and gross receipts actually fell 0.5% month-over-month, despite the Flutter-owned brand still holding a market share lead in gross receipts.
Other notable percentage improvements came from the likes of Barstool (Penn) which saw a 67.3% rise in handle, taking $6.2 million in wagers, and a 49.1% increase in gross receipts, recording $513,300 in August compared to July’s $344,199. Recently acquired PointsBet (by Fanatics) also saw a 36.3% month-over-month climb in handle to $5.1 million although gross receipts slumped to $397,189 from $512,864 the month prior.
Overall Indiana sports betting handle climbed 16.8% to $238.1 million, up from $203.8 million in July. Unlike other states, Indiana saw a slight increase in taxable revenue, up 1.2% to $23.5 million from $23.3 million in July.
On a sport-by-sport basis, the biggest increase in wagering was American Football, which saw a 615.8% increase in wagers taken (owing to the return of the NFL in September). Football comprised 7.3% of all wagers taken in August, up from 1.2% in July. The only decline was in baseball wagers, which dropped 3.8% from $69.4 million to $66.8 million.
The biggest wager share shifted from baseball to parlay, with parlays comprising 29.7% of all wagers placed in August compared to 27.6% in July. Parlays saw a 25.8% growth in handle by raw numbers too, up from $56.2 million in July to $70.7 million in August.