Parlay Betting Rises in BIG numbers for Indiana. Many experienced sports bettors will tell you that placing parlays might not be the wisest financial decision you can make on your sports betting endeavor. But who doesn’t dream about the day when he turns $5 into hundreds, even thousands of dollars? And quite frankly, parlays are the only method for you to do so.
In the past few months, there have been many successful or “almost-successful” parlay betting stories. Most notably about a bettor who nearly made $1M on Ryder Cup Parlay. And there are highly likely more stories that have remained hidden from the public eye. So it makes a lot of sense for people to try their luck and pair a few matches in a single bet.
You might be wondering what kind of people are brave enough to place parlays week-in-and-week-out. And while there is no answer to that, we know that most come from Indiana. Which shattered the state record for betting volume handling over $460 million in October. A sizeable chunk of which came from parlay betting.
Indiana Shatters Betting Records
As reported on Monday, Indiana sportsbooks broke the state record for betting volume in October. Recording over $460 million for the second consecutive month. Although huge news for sports betting in Indiana and the U.S. as a whole. Indiana’s surge in betting is hardly surprising.
October market the year’s first full month of football, so naturally, there was plenty of sports betting activity. To put it into perspective, Indiana sports bettors had a chance to bet on five full weekends of the NFL and college football. The opening matches of the NBA, and baseball’s postseason, so it’s more than fair to say that bettors did not lack wagering options.
During the five weeks of football season, football betting jumped 18.4% (from $148.6 million in September to $175.8 million in October).
Meanwhile, the opening of the NBA season resulted in a significant boost as well. Jumping from $5.2 million in September to 53.5 million in October.
Most interestingly, however, was the increase in the popularity of parlay betting. In September, Indiana sportsbooks reported $92 million in accepted parlay bets. With October numbers showing $127.6 million – a 38.7% increase.
However, while the surge in sports betting was expected, almost no one anticipated Indiana to do that well. And it has consequently become the fifth state to reach over $5 billion in lifetime sports bets.
The betting reports showed that Indiana retail sportsbooks drew $461.1 million in October. Which easily outperformed September’s $355.4 million handles by approximately 29.7%. October’s handle was almost twice (99.7%) as high as in October last year. When Indiana sportsbooks reported $230.9 million in the betting handle.
At these numbers, Indiana bettors averaged $14.9 million in bets placed per day. In comparison, September showed $11.8 million in daily placed bets, while October 2020 showed only $7.4 million.
Indiana Is One Of The Big Boys
The record month saw Indiana join Nevada, New Jersey, Pennsylvania, and Illinois as one of the only five states to generate a handle of more than $450 million.Over $5 billion in total sports betting, and more than $400 million in all-time gross revenue.
Suffice to say that no other state has capitalized on its potential as a sports betting market as Indiana. However, while its numbers have been nothing short of amazing, it’s important to remember that Indiana’s market hasn’t matured fully yet.
Since launching sports betting, the Hoosier State sportsbooks recorded $5.1 billion in wagering. $412.5 million in gross revenue, and $78.3 million in tax revenue. If you need help in reviewing your bet, take a look at the BParlay.com Parlay Odds Calculator.
A Huge Jump From September
Online sports betting drew in $411.9 million in October alone, or approximately 83.3% of the month’s total handle. DraftKings led the way in online sports betting operators. With a $150.7 million handle, a $20.3 million increase from September ($130.4 million).
FanDuel was next with $113.3 million in online bets for October, up a sizeable amount from September’s numbers ($77.2 million). And while FanDuel ended behind DraftKings in total bets, it has generated $9.2 million in gross receipts, $1.5 above DraftKings ($7.8 million).
Sitting in third and fourth place were Caesars Sportsbook and BetMGM, who reported a handle of $61.9 million and $47.7 million, respectively. While all betting action on BetMGM came via its mobile app. One-third of Caesars’ handle ($21.6 million) was accepted at its retail sportsbooks.
In October, the Indiana retail sportsbooks reported $49.2 million in wagers, up from $35.3 in September. Out of the retail sportsbooks, Hollywood Lawrenceburg led the way. With a $15.6 million handle, well ahead of Ameristar East Chicago ($6.8 million).
Alternative Interesting Facts
Interestingly, over one-fourth of all bets ($127.6) made in October were parlays. Suggesting that parlay betting in Indiana is quite big in proportion to its total handle. In other words, every fourth dollar wagered was placed on a parlay.
However, the great news doesn’t stop here. As revealed by the state, at least three more online operators have plans to enter the Indiana sports betting market before the end of the year. Including Fubo, Bally Bet, and SBK Sportsbook.
If the plans come through, that would give Indiana 15 betting licenses and confirm that there is still a huge upside in the state. We, however, don’t need new names to enter Indiana’s market to know that while the environment has changed drastically since 2019, the betting industry in Hoosier State continues to flourish.
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