Indiana’s sportsbooks tallied an impressive handle of $384,192,606 for July 2026. From this total, they generated $40,081,565 in taxable adjusted gross revenue, resulting in a state tax contribution of $3,807,749 at Indiana’s 9.5% rate.

When you calculate the revenue percentage by dividing the adjusted gross revenue by the handle, it reveals a figure of 10.43%. This percentage will be widely cited in industry reports this month as Indiana’s July hold. However, the Indiana Gaming Commission adds a crucial note beneath its revenue table indicating that this calculation is misleading.

It’s important to highlight the commission’s warning, as many outlets overlook this important detail. They clarify that adjusted gross revenue accounts for the handle minus the payouts on winning bets settled within the reporting month.

This means the handle also includes wagers on future events that will be resolved later, making it invalid to compute a win percentage simply by dividing gross revenue by handle for the same timeframe. This transparent message from the regulator directly addresses a statistic frequently cited in numerous articles, emphasizing its invalidity. It certainly warrants more scrutiny than it typically receives and has implications for how we interpret Indiana’s July performance.

To illustrate this point, consider a bettor placing a $100 wager in July on a team to win the Super Bowl in February. That $100 contributes to July’s handle immediately, but if the team wins, the payout is made in February. This means July’s revenue captures the entire $100 without any deductions, leading to an inflated perception of profit.