US Sports Betting Update – Indiana, Michigan and Iowa Set New Sports Wagering Records in November
Sportsbooks in Indiana set a new record by handling $463.7 million worth of wagers during November. It was the third consecutive month in which the Hoosier State’s sports betting industry has reached new heights. Indiana sportsbooks handled $461 million in October, which was boosted by a calendar quirk that led to five full weekends of NFL action. It would have been reasonable to expect the handle to dip in November, but it managed to maintain the positive momentum.
The $463.7 million handle represented an 84.4% year-on-year increase on November 2020, showing that Indiana’s market is maturing nicely. Revenue reached $47.1 million, easily beating the previous record of $33.3 million set back in September. That amounts to a 10.2% hold for Hoosier State sportsbooks, so it was not a great month for sports bettors.
DraftKings held onto its status as the number one online sports betting brand in Indiana during November. It handled $166.2 million worth of wagers. FanDuel was next with $109.8 million. However, FanDuel’s revenue was $15.6 million, whereas DraftKings only generated revenue of $12.6 million, according to the state report. BetMGM was a distant third, with a handle of $46.3 million and revenue of $4.5 million, followed by Caesars ($43.8 million / $3 million), Barstool ($17.2 million / $962,000) and BetRivers ($13.6 million / $1 million).
“Basketball betting, both college and professional, is more important in Indiana than almost every other legal sports betting market in the US,” said PlayIndiana analyst Jake Garza. “Indiana’s best months are typically when college basketball and the NBA are in full stride, and the NFL is still in play. And with Purdue among the nation’s best and Indiana off to a good start, bettors are particularly incentivized this year to bet on college basketball.”
Michigan Surpasses $500m for the First Time
The monthly sports betting handle in Michigan broke past the half-a-billion-dollar mark for the first time in November. Online sports wagers hit $473.8 million, which was a 2.4% increase on the previous record of $463.3 million set in October. The handle at the land-based sportsbooks in the Detroit area reached $26.7 million, bringing the grand total to $500.5 million. The total revenue was $38.8 million, which was another record, and operators paid the state $1.8 million in taxes.
DraftKings overtook FanDuel to regain its mantle as the number one online sportsbook in Michigan. It handled $126.3 million worth of wagers, which exceeded the $115.2 million that FanDuel processed. BetMGM was third with $100.8 million. FanDuel set a record for revenue, as it held $13.6 million in November. It represents the first time an individual sportsbook has ever earned more than $10 million in a single month in Michigan.
Iowa Breaks Previous Record
It was also a record-breaking month for Iowa. They are the first two states to reveal their November figures, which augurs well for the wider industry. Sportsbooks in the Hawkeye State handled $287.2 million in November, which is a 2.2% increase on the $280.9 million handled in October.
Caesars Sportsbook remains the number one operator in Iowa. The state initially required sports bettors to sign up for an online account in person at a retail sportsbook. That handed William Hill a natural advantage, as it had six retail venues dotted about the state. It became
the leading sportsbook in the state, and Caesars inherited that when it completed a $4 billion takeover of William Hill, rebranding it as Caesars Sportsbook.
The need for in-person registration ended in January, giving the likes of DraftKings, FanDuel and BetMGM a good chance to catch up with Caesars, but they have not yet been able to do so. In November, Caesars handled $104 million, which means it accounted for two-fifths of the state’s wagers. It held $4.7 million in revenue, which equates to just 4.5% of the total handled.
DraftKings was second, with a handle of $75.1 million and revenue of $4 million. FanDuel handled just $32.7 million, but it held 13%, leaving it with $4.2 million in revenue. It is interesting to note that FanDuel’s revenue was higher than DraftKings’, despite having a significantly smaller handle. BetMGM accepted $19.5 million worth of wagers and held onto $1.75 million.
Caesars Sportsbook Customer Lands 14-Leg NFL Parlay
An NFL fans generated a $454,563.27 payout from a $50 stake after nailing every single leg of a 14-team parlay. The bettor, who has chosen to remain anonymous, went for the Vikings, the Buccaneers, the Saints, the 49ers, the Titans, the Cowboys, the Ravens, the Chiefs, the Broncos, the Chargers, the Falcons, the Seahawks and the Packers all to cover the spread, plus a moneyline win for the Rams against the Cardinals at odds of +125.
Every single prediction proved correct in this remarkable parlay. Favorites went 11-3 straight up and 10-4 ATS in Week 14 of the NFL season. Ten of this bettor’s 14 picks were on favorites, helping him land a huge payday. It was the second 14-leg parlay to land this year, after a bettor made a string of correct predictions at WynnBET to turn $10 into $79,935.70.
It shows that you can win huge sums from a relatively small stake when betting on parlays. However, successful parlays are generally difficult to achieve, as the house edge increases with each selection you add. For that reason, the sportsbooks generate much higher profits from parlays than they do from straight bets. For instance, sportsbooks in Illinois held just 2% of all NFL wagers placed during October, but the hold on parlays shot was 13%. In Nevada, sportsbooks held onto 2.5% of hockey, 3.5% on baseball, and 4.1% on football in October, but that shot up to 37.3% on parlays.