March Madness Propels Indiana Sports Betting To $432 Million In Bets

March Madness betting led the charge for Indiana’s sports betting market last month. Hoosiers bet over $432 million on sports throughout March.

That was a solid increase from February’s $356 million in bets.

The NCAA Tournament was the last major sports betting event of the season. Indiana sports betting is due for a drop off next month without the boost.

March 2023 Indiana sports betting handle

For the sake of comparison, Indiana’s $432 million March handle was a decrease from last year’s $476 million haul during the same month.

That isn’t a shock, considering that Indiana’s market is expected to take a step back this year. Play Indiana estimates state residents will bet about $4.1 billion on sports this year.

The state is starting to feel the effects of competition from next door. All of Indiana’s neighbors now have legal sports betting.

Despite the decrease, March’s $432 million worth of bets isn’t a bad handle – the amount of money bet. Online betting is holding strong in Indiana, especially for the state’s most popular sportsbooks.

According to the latest state report, many familiar faces dominated the market last month:

1. DraftKings: $144 million
2. FanDuel: $136 million
3. Caesars: $41 million
4. BetMGM: $40 million
5. BetRivers: $12 million

March Madness boosts the numbers

Basketball betting was the main force behind Indiana’s March handle, which isn’t surprising given the popularity of March Madness betting.

Indiana’s reports don’t differentiate between different types of basketball betting, but the overall numbers paint a clear picture.

Hoosiers bet over $224 million on basketball last month. That was the largest handle for a single sport by far.

Here’s a quick look at what sports fans were betting on throughout March:

• Football: $2 million
• Basketball: $224 million
• Baseball: $7 million
• Parlay: $128 million
• Other: $72 million

Summer slump on the horizon

Indiana’s slow season is here now that the Super Bowl and March Madness are in the rearview.

Baseball’s return and the NBA playoffs will chip in along the way, but they can’t compete with the drop-off of football betting. March Madness was enough to stem the tide, but with no major events on the horizon, Indiana’s slow season is here.

It’s a situation that every sports betting market goes through at this time of the year. From here on out, the numbers will start to slow until the return of football later this year.