About the only thing as tough to beat as coach Curt Cignetti’s Hoosiers in Indiana is FanDuel.
The Indiana Gaming Commission reported an all-time monthly high of $69.1 million in adjusted gross sports betting revenue for November, fueled by the digital juggernaut’s state-record haul of $27.5 million.
Sportsbooks needed almost every last one of those dollars in bettering the record established the previous November at $68.6 million. That meant operator winnings increased only 0.7% compared to 2024.
The Hoosier State did the double by setting a record for handle at $641 million, also eclipsing a standard from 12 months prior with a 4.3% increase. Indiana became the ninth state in the post-PASPA era to surpass $25 billion in wagering dating to its September 2019 launch. November’s handle marked the first time Indiana cleared $600 million in back-to-back months.
The state collected nearly $6.6 million in receipts for the month, and the $22.4 million accumulated in the first five months of the fiscal year is $1.7 million ahead of last year’s pace.
FanDuel’s November national rampage
| State | Handle | Gross Revenue | Hold |
|---|---|---|---|
| New York | $1,000,102,090 | $131,906,825* | 13.19% |
| Maryland | $295,927,944 | $47,956,873* | 16.21% |
| INDIANA | $185,174,717 | $27,491,513* | 14.85% |
| Kansas | $93,312,164 | $12,588,707 | 13.49% |
| Iowa | $89,469,169 | $11,195,308 | 12.51% |
| Washington D.C. | $40,251,409 | $6,267,400* | 15.57% |
| TOTALS | $1,704,237,493 | $237,406,626 | 13.93% |
| *State/District All-Time Record |
While still relatively early in terms of state revenue reports, the early returns show FanDuel decisively pounding all comers. Its collective 13.9% hold in the first six states that reported operator handle and revenue figures is nearly double the 7% industry standard and more than two percentage points higher than last year in like-for-like comparisons.
The 10.64% national hold for November 2024 implied it would be a challenge for operators to post year-over-year growth for revenue, but FanDuel has bucked that trend early. The $237.4 million in revenue is up 23.4% compared to last year, easily outpacing a 5.1% bump in handle.
November marked the fifth time FanDuel surpassed $20 million in monthly revenue in Indiana and shredded its previous best of $23.8 million set in January. Winnings were up 16.1% as the robust 14.9% hold on $185.2 million handle offset a 13.6% downturn in wagering.
DraftKings gets the consolation prize
Though DraftKings ceded the state revenue record to its eternal rival, November was not all that bad. It set an Indiana standard for handle at $217.3 million and posted a 10.3% win rate to keep a year-best $22.4 million. That, however, was down 13.1% from its all-time high 12 months ago.
DraftKings and FanDuel surpassed their 2024 full-year revenue totals entering the final month of 2025, with the former crossing $700 million all-time and the latter $2.5 million shy of $800 million.
Indiana’s new record for handle likely would not have happened without bet365, which more than doubled its year-over-year action to an all-time high of $60.6 million. While the England-based sportsbook also set a Hoosier State high for revenue at $3.1 million, that 5.1% hold attained was its lowest since landing at 3.9% in March.
The public faring well against bet365 allowed BetMGM to pip the final podium spot for revenue with $4.8 million as it notched a 10.9% win rate against $44.5 million worth of wagers. In another example of how good the previous November was to the house, BetMGM’s revenue was down 13.4% despite it being a high-water mark for 2025.
Fanatics rounded out the top five for operator winnings with $3 million.
ESPN Bet closed its time in the Hoosier State with a strong November, claiming $1.7 million with a 9.8% hold on $17.6 million handle. ESPN Bet, which gave way to theScore Bet at the top of December following the end of its partnership with Penn Entertainment, finished with $32.6 million in revenue and an 8.2% win rate from $398 million in accepted wagers.
Over in Tennessee…
The Tennessee Sports Wagering Council reported its first back-to-back months with $600 million-plus handles after reporting $647.6 million in gross wagers for November on Thursday. That was up 9% from last year while also falling short of October’s record $658 million.
The Volunteer State collected $11.9 million in receipts for the month as it continues to be the only jurisdiction taxing handle versus operator revenue. The 12.1% increase in handle for the first five months of the fiscal year has contributed to tax revenue running nearly $4.8 million ahead of last year’s pace.
Tennessee is also $8.6 million shy of becoming the sixth state to top $400 million in state tax revenue post-PASPA, a milestone it should easily reach when December’s handle figures are released.
