July was slow but better trending month for Indiana sportsbooks
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The slowest sports betting month of the year was just that in Indiana. However, compared to the industry’s 10-month sportsbooks decline, last month fared better than most.
Sports betting in July dropped 1.4% year-over-year, outperforming the state’s 10.7% drop in the year’s total handle, according to analysts at PlayIndiana.com. Indiana has brought in $2.25 billion in 2023, adding $203.8 million in July, compared to last year’s $2.52 billion.
“July’s numbers came the closest to yearly growth in 2023, bringing hope in a year full of sharp declines,” PlayIndiana said in a news release. “July should mark the year’s low point in terms of betting volume.”
Revenue increased by $23.3 million, an increase of 22.1% month-over-month. A 11.4% hold was in part a reason for the increase.
DraftKings and FanDuel continue to dominate as the preferred sportsbooks with 69% of wagers, with $77.6 and $62.7 million, respectively.
Baseball was the top sport betters wagered on, bringing in $69.4 million. This was an 8.8% yearly decline. All other sports totaled $62.9 million. Parlays, which are separate from the sports totals because they can include multiple sports, tallied $56.2 million.