On Tuesday, Fanatics Betting and Gaming revealed it will be catering to the betting community of Iowa, signaling its entry with the recent launch of its sportsbook in the Hawkeye State.
Fanatics Sportsbook announced its Iowa launch through its social media channels. The announcement invites bettors in the state, encouraging them to download the Fanatics Sportsbook mobile app and place wagers.
The sportsbook entrance into Iowa marks the 12th market where it is operational. This expansion follows its successful presence in eleven other states: Kentucky, Pennsylvania, Colorado, Ohio, Connecticut, Vermont, Maryland, Virginia, Massachusetts, West Virginia, and Tennessee. With each new market, the sportsbook continues to solidify its nationwide presence.
In addition to its online sports betting presence in these states, Fanatics also operates retail sportsbooks in three states. The states fortunate to host these brick-and-mortar establishments include West Virginia, Pennsylvania, and Connecticut.
Fanatics secured its retail sportsbook presence in Connecticut in December, becoming one of the three chosen operators. The sportsbook replaced PlaySugarHouse, positioning itself alongside sports betting leaders DraftKings and FanDuel.
Fanatics Takes Over PointsBet in Iowa
Fanatics entry into Iowa sports betting will see the sportsbook replace PointsBet. This strategic move aligns with Fanatics’ acquisition of PointsBet’s US operation. A deal materialized in August 2023 and carried a substantial price tag of approximately $225 million.
The expansion of Fanatics into Iowa highlights the ongoing transition away from PointsBet, signaling the gradual phase-out of the PointsBet brand throughout the United States.
The transition of PointsBet US to Fanatics is currently underway, with the specific timeline yet to be officially outlined. However, reassurances have been provided by the sportsbook, indicating that the entire process is progressing according to the initially established plan.
The transition to Fanatics Sportsbook for existing PointsBet players will ensure continuity in their gaming experience. Key account details will be migrated to the new platform, including usernames, passwords, reward points, wallet balances, and personalized gaming settings.
The existing PointsBet retail venue at Catfish Bend Casino will undergo some adjustments, featuring the installation of new self-service betting kiosks from Suzohapp. As part of the makeover, the establishment will be rebranded with a new identity, becoming the Fanatics Sportsbook.
Iowa’s Sports Betting Revenue Surges
Operators in Iowa experienced an expansion in sports betting engagement during the last fiscal year. The state’s latest monthly handle for December indicates a 23.0% increase compared to the corresponding period in the previous year.
Bettors within the state spent $282.7 million in bets, marking a marginal decrease of 2.4% compared to the previous month. Most of this betting activity occurred online, with online bettors contributing $258.3 million, while in-person bettors collectively spent $24.4 million.
The state posted a substantial increase in sports betting revenue, hitting $26.3 million. This marks an impressive 86.5% surge compared to the November figures, which stood at $14.1 million. Furthermore, in a year-over-year comparison, operators witnessed a 28.9% rise in revenue, surpassing the $20.4 million recorded in the previous year.
Leading the pack in the state, FanDuel and Diamond Jo Dubuque jointly commanded a sports betting handle of $68.7 million. This translated into a revenue of $7.2 million for the sportsbooks.
DraftKings and Wild Rose in Jefferson followed closely in the rankings, processing bets totaling $43.3 million and generating $4.0 million in revenue. Another partnership between DraftKings and Wild Rose in Emmetsburg also yielded $27.5 million in processed bets and revenue, reaching $3.0 million.
On the other hand, PointsBet, in collaboration with Catfish Bend Casino, achieved a betting handle totaling $4.6 million, accompanied by revenue amounting to $331,818.