The amount spent by players was 49.4% higher than $273.9m in February 2021, but 17.9% less than the record $498.4m wagered in January of this year, according to figures released by the Indiana Gaming Commission.
Basketball betting accounted for $201.9m of all bets placed during February, with football attracting $30.1m in wagers and baseball just $97,273. A further $101.4m was spent on parlay betting and the remaining $74.3m on other sports.
Turning to revenue, this amounted to $17.0m for the month, level with February last year, but this total was down 52.3% from $35.6m in January 2022.
Breaking down performance by licensed operator, DraftKings-partnered Ameristar Casino led the way with $6.5m in revenue off handle of $127.4m.
Belterra Casino and its FanDuel-operated sportsbook ranked second with $3.9m in revenue off a $53.8m handle. Blue Chip Casino, another FanDuel partner which had topped the market in January, had the second-highest handle of the month at $108.1m, but revenue only hit $409,136.
Indiana was also able to collect $1.6m in sports betting tax during the month.