Analysis

Familiar competitor pattern in Indiana

The competitive pattern for market leadership between DraftKings and FanDuel in other sports-betting states has been replicated in Indiana in September.

The latest sports-betting data from the state shows both ex-DFS providers dominating in early months of operation.

The latest wagering data from Indiana shows DraftKings leading the pack with a handle of $89.4m in September. Adjusted gaming revenue hit $3.2m. 

Its market share is 43%.

Second up is FanDuel with handle of $56.5m and AGR of $2.3m. It boasts a 27% market share.

Chicago proximity

DraftKings is partnered with the Ameristar Casinos in East Chicago. FanDuel is working off a license from the Blue Chip Casino in Michigan City, Indiana.

Their presence at the head of the market confirm the pattern from the early years of the New Jersey market where the two duked it out for market leadership. 

Both DraftKings and FanDuel are considered to be premium brands in the Wedge Index and receive the top level of points weighting in whichever market they operate. 

A top-tier sportsbook weighting is worth four points to a state’s Index tally.

Indiana is currently 4th in the Wedge Index with a points score of 64, three points behind Colorado.

Coming up on the rails

An interesting development in the early months of the Indiana market, though, is the performance from betMGM, which operates under the license of the Belterra Casino.

BetMGM is also a top-weighting sportsbook but it has taken its time to find assert itself in New Jersey, particularly in terms of sports-betting.

In a trading update last week betMGM part-owner GVC said the brand’s market share in Indiana, Colorado and West Virginia – all three launched this year – was “tracking in line with expectations” of market share of between 15-20%.

The market share in Indiana is currently just over 6%. This compares with a 10% share of sports-betting in New Jersey and a 22% share of online gaming.

Also featuring

Top-tier brands missing from Indiana as it stands are FOX Bet and Barstool Sportsbook. 

The latter is sure to feature at some point given owner Penn National Gaming’s land-based presence in Indiana with the Ameristar and the Hollywood Lawrenceburg establishments.

Behind the front three at present sit BetRivers (partnering with the French Lick Casino) and PointsBet at the Hollywood Lawrenceburg. They had market shares of 3% each.

Second skin at Ameristar, theScore, Caesars Online and Unibet (both skins at the Horseshoe Hammond) came in with around half-a-million dollars in handle each. 

Churchill Downs’ BetAmerica at the Rising Star barely registered with less than $100,000 on handle.

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Scott Longley

Scott Longley has been a journalist since the early noughties covering personal finance, sport and the gambling industry. He has worked for a number of publications including Investor's Week, Bloomberg Money, Football First, EGR and GamblingCompliance.com. He now writes for online and print titles across a wide range of sectors.

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