Casino earnings in Indiana increased by 3.3% compared to the previous year in March.
Kickin' It Up in Indiana
Commercial Casinos 🃏 Sports Betting 🏀 Numbers Crunch 💰 by Charlotte Capewell, our go-to gal
Share the scoop Indiana casinos raked in $220.6 million in March 2024, a 3.3% bump from the $213.5 million in March 2023.
Here's the lowdown from the Indiana Gaming Commission: table games contributed $36.1 million to the Adjusted Gross Revenue (AGR), a 6.6% drop year-over-year, while electronic gaming devices added $191.4 million to the AGR, a 3.6% increase. Ten Indiana casinos raked in more than $10 million, and five reached over $20 million, including Caesars Southern Indiana, Hard Rock Casino Northern Indiana, Harrah's Hoosier Park, Horseshoe Hammond, and Horseshoe Indianapolis.
Hard Rock Casino Northern Indiana and Horseshoe Indianapolis had a rough month, witnessing year-over-year declines. Hard Rock dropped from $40.5 million to $37.1 million, down 8.2%, while Horseshoe Indianapolis slipped from $32.4 million to $31.2 million, decreasing by 3.8%.
As for sports betting, Indiana reported a whopping handle of $553.5 million in March, up 10.5% from the previous year ($500.7 million). However, gross revenue dipped, falling from $39.4 million to $35.7 million, a 9.2% drop. Hoops was Indiana's top-basketball-style bet, with a handle of $270 million in March, up from $167.9 million in the previous year.
Digging deeper into the stats, the sports betting handle in Indiana rose significantly from about $4.34 billion in 2023 to about $5.21 billion in 2024, reflecting a growth in betting volume year-over-year[2][3]. In March 2024, the handle reached about $553.6 million with gross revenue around $35.0 million. Despite this growth, the hold percentage, or the percentage of handle that sportsbooks keep as revenue, remained steady at around 9.3% comparing 2023 and 2024, suggesting consistent sportsbook profitability[2][3].
In short, Indiana's sports betting market witnessed considerable growth from March 2023 to March 2024, seeing an increase in betting volume and revenue while maintaining steady profit margins. This growth may be attributable to increased sports interest in the state, such as enhanced local basketball team performance and additional factors[2].
- The revenue generated by electronic gaming devices in Indiana casinos increased by 3.6% year-over-year, contributing significantly to the Adjusted Gross Revenue (AGR).
- In March 2024, commercial casinos in Indiana reported a total revenue of $220.6 million, with ten casinos earning over $10 million and five exceeding $20 million.
- Sports betting handle in Indiana rose to $553.5 million in March, exhibiting a 10.5% increase from the previous year, while hovering around a 9.3% hold percentage, indicating steady sportsbook profitability.
- Hoops was the top-bet basketball-style bet in Indiana, with a handle of $270 million in March, marking an increase of 63.6% compared to the previous year.
- The Indiana Gaming Commission reported that the state's revenue from sports betting grossed $35.7 million in March, representing a 9.2% drop year-over-year despite a significant increase in betting volume.
