The sports betting industry is expected to grow despite weaker sports betting handles across the board in April. Here we will be breaking down Indiana, and Maryland’s sports betting handles for May.
Indiana’s Sports Betting Handle Decreased in May, But Revenue Increased
The Indiana Gaming Commission reported a monthly handle of $308.3 million, which noted a steep decline of 14.3 percent from April’s $360 million. Despite the modest handle, this is the ninth consecutive month the Hoosier State has surpassed the $300 million handle mark.
Indiana’s sports betting market launched in September 2019 and has become a strong market in the industry. The Hoosier State became the fifth jurisdiction in the industry to surpass the $8 billion handle mark in the post-PASPA era.
The only four states to hit that milestone are New Jersey, Nevada, Illinois, and Pennsylvania. Even though less than seven people live in the state, bettors across the state have wagered over $2 billion through five months of 2022.
The adjusted revenue numbers have also noted an increase of seven percent to $30.7 million due to a combined win rate that was just short of double-digits. Thanks to the high hold rate, the state was able to collect $2.9 million in taxes for May.
FanDuel overtook DraftKings’ spot as the sportsbook that generated the most revenue in the state as the operator accepted $91.6 million for the month based on a hold rate of 13.7 percent. It has taken the top position in both the handle and revenue category for the third straight month.
DraftKings was able to bring in a handle of $84.1 million with a hold rate of 8.5 percent. Still, DraftKings generated a strong revenue of $7.1 million, which constituted an increase of 7.5 percent over April.
BetMGM secured third with a handle of $40.4 million and a solid hold rate of 10.8 percent. Caesars rounded out the top four with $30.4 million wagered for the month.
Retail Sportsbooks in Maryland Had a Strong Hold Rate in May
Despite not having a mobile sports betting market, retail sportsbooks in Maryland continue to do well in Maryland. Maryland Lottery and Gaming also reported its numbers on Friday. The brick-and-mortar location has seen a win rate of double digits for the fifth time in six months.
These retail locations combined for a win rate of 13.3 percent for the month in the Old Line State, which generated $3.1 million in revenue for the month. Because of this, the state was able to collect $452,897 in taxes.
FanDuel continues to be the most popular sportsbook in the industry as Live! accepted $10.9 million in wagers which represented a market share of 47.3 percent. The in-person location had a win rate of 14.9 percent, which generated $1.6 million in revenue.
MGM National Harbor secured the second position in the handle and revenue category. Revenue skyrocketed 41.4 percent from April to $714,477 thanks to a strong hold rate of 11.37 percent and showcased a handle of $6.3 million.
Hollywood Casino was the only operator that failed to reach the 10 percent hold rate as it missed a 9.2 percent hold rate. Still, the location was above the industry’s average of seven percent.
A Slowdown Throughout the Industry is Expected in the Summer Months
The sports betting industry is expected to slow down as the summer months approach, and baseball and other events don’t push the average betting volume. However, Indiana will continue to be a prominent market in the industry. On the other hand, bettors in Maryland are patiently waiting for a mobile sports betting market.
The industry is still looking to enter more markets as the clock is ticking in North Carolina and Massachusetts. All these bookmakers and bettors across the United States will be waiting for the NFL season to start as the betting volume will push new records during the final quarter of 2022.