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The Indiana Gaming Commission reported $19.5 million in adjusted gross sports wagering revenue for June, the first time in 12 months the total slipped under $20 million. It was Indiana’s lowest operator revenue total since the $15.8 million claimed for the same month last year. That light revenue number came through a combination of soft handle and solid wagering by the public, which limited the house to a 6.2% hold. There has not been a monthly win rate below 8.5% since June’s landing at 8.7% from $224.1 million wagered.
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Year-over-year handle declined 12.6%, but revenue was up 23.4% as this year’s win rate was more than 2.5 percentage points higher. Both handle and revenue figures declined steeply against May 2023’s figures, as wagering was down 21% and revenue was off 42%, with June’s hold 3.2 percentage points lower.
Indiana did cross the $2 billion handle for the 2023 calendar year — though the handle is 11.5% lower versus the $2.3 billion wagered in the first six months of 2022. But the much higher 9.3% hold this year thus far has contributed to an 18.6% rise in operator revenue to $189.6 million.
The state received $1.8 million in tax revenue for the month as Indiana became the ninth state in the post-PASPA era to surpass $100 million in total sports wagering taxes. The Hoosier State, which taxes adjusted gross revenue at 9.5%, joined Nevada as the only state among the nine to reach the milestone with a rate on all wagering revenue below 10%.
With the lighter summer sports schedule and no notable local ties to the NBA or Stanley Cup finals, bettors found their action trying to package picks for big paydays. The $82 million wagered on parlays was easily the most among the five categories the IGC provides figures for in its monthly reports, with baseball a distant second at $65 million.
The catch-all “other” category, which includes hockey, golf, soccer, and auto racing, ranked third at $51 million. The IGC does not provide revenue totals with those handle breakouts, but if history allows for inference, then it stands to reason parlays provided the bulk of the revenue and that FanDuel fared well on such wagers.
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