Iowa Revenue Up Despite Slip in Handle
The Iowa Racing and Gaming Commission has announced September sports betting numbers, and the state was able to cash in. Adjusted gross revenue from sports betting last month was $25.4 million, which easily shattered the previous record.
The total sports betting handle for the state was $200.2 million in September, and that was a pretty significant jump from August. One thing that is concerning for industry leaders is that the handle actually dipped close to 5% from what was reported in September 2021.
Iowa became the 12th state in the U.S. to post a monthly revenue total of over $25 million, and it’s significant for how small of an overall market this state is. There are plenty of top sportsbook options in the state, but the population has kept it from really taking off.
One thing that is a positive trend in the state is that the hold rate was over double-digits for the third straight month. The win rate was 12.8% for the month of September, and that is the third-highest total in over three years of legal sports betting.
November still holds the record for monthly handle as the total was $287.2 million. Last November was also the previous record for sports betting revenue with over $19 million, but that month had a much slower win rate.
DraftKings Dominating the Market
DraftKings Sportsbook is the clear leader in the state of Iowa, and that operator was able to post a massive haul in September. The total sports betting handle at DraftKings last month was right at $66 million to set a new high for the sportsbook.
Not only did DraftKings see a ton of wager, but it also posted a massive win rate of 11.1% to set a new record for monthly revenue at $7.3 million. FanDuel was able to give DraftKings a challenge a month ago, but fell just a bit short.
FanDuel Sportsbook posted a total monthly revenue of $6.4 million, and that operator actually won 15% of all wagers placed. Caesars Sportsbook was finally able to post a total handle of more than $30 million again, but it was the first time it got to that amount in nearly a year.
Retail Sportsbooks Cleaning Up
Both mobile and retail betting is available in the state of Iowa, and the in-person betting actually saw a nice boost a month ago. The retail handle was $22.6 million in September, and the total revenue was over $4 million.
The most impressive figures from the September sports betting report is that retail sportsbooks won nearly 20% of all of the wagers. What makes that number even more impressive is that bettors typically perform well during football season.
The Diamond Jo Sportsbook in Worth was the leader in terms of retail sports betting revenue as it was the only sportsbook over $1 million.
