The Indiana Gaming Commission reported adjusted gross sports wagering revenue totaling $42.8 million for March on Wednesday, with operators winning more compared to last year despite less handle.
The revenue total ranks fourth all-time in 43 months of activity in the Hoosier State despite adjustments lowering the figure by $616,000. Six of the top seven all-time monthly revenue totals have come in the last eight months of wagering. It was the highest revenue total since the house claimed $46.9 million last October and was the fifth time it cleared $40 million.
Handle was slightly above $433 million, ranking eighth all-time and up 21.6% from February. But it was also 9.2% lower than March 2022. Indiana sportsbooks were likely impacted by the first-round upset of No. 1 seed Purdue in the NCAA Tournament, while Indiana University did not fare much better in making a second-round exit. Basketball wagering accounted for more than half the handle at $224.3 million, with parlay bets reaching $127.9 million.
The hold was 9.9%, the sixth time in nine months it was 9.8% or higher. The 8.8% win rate for the first quarter of 2023 is 2.7 percentage points higher than the opening three months of 2022, contributing to revenue surging 26.2% higher to $107 million despite a 12.2% dip in handle to $1.2 billion.