Iowa November Sports Handle Numbers and Revenue
Many sports betting markets across the country have benefited from the extra weekend slated in October. Given a favorable month, the growth was not expected to continue as having four weekends was projected to bring the numbers down. However, the predictions were proven to be inaccurate.
Iowa’s Sports Betting Handle Sets a New Record in November
Iowa’s sports betting handle hit $287.2 million in November, which marks an increase of 2.3 percent from last month when the former record was set, hitting $280.9 million. Before the NFL season started, projections showed that more than 45 million Americans would be placing wagers on NFL games this year.
The average betting volume in the state per day was approximately $9.6 million. Legal sports betting has been around since August 2019.
Sports betting revenue in the state also hit $19.7 million in November, which is more than triple the revenue posted in Iowa in October, which portrayed $6.6 million. This month’s revenue passed the record set back in March with $13.4 million. This is only the third time in the Hawkeye State’s history that sports betting revenue reached the eight-figure mark.
Due to the success of Iowa’s sportsbook operators revenue in November, the yearly total was able to eclipse the $100 million mark, which is already more than double what the revenue was last year due to the pandemic, which only surpassed $41 million. With a month still to go in the final month of the fourth quarter, Iowa sports betting handle and revenue growth is a strong indicator of how the industry will perform going into 2022.
The new benchmark made it clear for the state to hit the $2 billion territory to close out the year with slightly more than $225 million to go for December. The four states that posted sportsbook revenue numbers, Montana, Oregon, West Virginia, and Indiana, have posted record-breaking handles.
Indiana and West Virginia were the two states that posted record handles for the month. New Jersey will be reporting its sportsbook report on Thursday, which will better indicate what direction the overall market will be trending in.
The Sportsbook that had the Most Amount of Success in the Hawkeye State
November 2021’s handle was 229.5% higher than the year-to-date handle reported $87.2 million. Revenue was also higher by 142.5%. Operators throughout the state paid $2.1 million in taxes for November.
Caesars Sportsbook became the first mobile operator to accept over $100 million of the wagers placed in the state’s history. More than ninety percent of the sports bets were placed online and Caesars Sportsbook. The company accounted for 39.9 percent of the online handle.
Caesar’s Sportsbook had the highest Indiana revenue in November.DraftKings’ Sportsbook took on 28.8 percent of the online handle. In-person registration helped jump-start the market in Iowa. FanDuel came in third place regarding the online sports betting handle, but its revenue was relatively similar to the other two. BetMGM came in fourth place in the state.
The top four sportsbook operators made up 88.8% of the online handle and 87.3% of online revenue. The other thirteen sportsbooks that operate in the state made up the remaining percentages in both categories.
