Indiana Sets New Record in Taxable Adjusted Gross Revenue

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The state of Indiana has posted a taxable adjusted gross revenue (AGR) of $53.5 million for January, breaking the record of $50.6 million set in December.

January saw a total sports wagering handle of $480.3 million, a slight decrease of 4.5% from December’s $503.1 million. Of this, parlays accounted for $269.9 million, while American football and basketball drew in $57.5 million and $113.1 million, respectively.

Related: Indiana Sports Betting Reaches New Record Revenue in December

DraftKings and FanDuel Fight for Number 1 Spot

The competitive landscape saw Ameristar Casino, in partnership with DraftKings, leading the pack with a handle of $181.4 million and a total AGR of $18.7 million. FanDuel had $23.3 million in AGR even though it took in fewer bets than DraftKings, a total of $160.1 million.

Penn Entertainment’s Hollywood Lawrenceburg had a handle of $39.4 million and Belterra Casino, a FanDuel partner, had a handle of $36.6 million. Caesars, partnered with Harrah’s Hoosier Park, enjoyed a handle of $32.1 million and a total taxable AGR of $2.4 million.

Potential for iGaming in Indiana’s Future

A report published in January claimed that Indiana could create up to $2.1 billion in iGaming revenue within the first three years after legalization. Commissioned by the Indiana Gaming Commission and carried out by Spectrum Group, the report predicted between $1.9 billion and $2.1 billion in revenue together with a possible $929 million in iGaming tax revenue during the same period.

There have been many discussions regarding iGaming in Indiana and the latest efforts came to an end in committee in 2023. There have long been worries that the online industry would damage the land industry, but a separate report from Spectrum Group found that iGaming has not damaged the land industry in other states.

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