The Iowa Gaming Commission has unveiled its financial report for November, revealing a sports betting handle totaling $289.7 million.
This figure signifies a 13.5% increase against the $255.3 million generated in the previous month. It’s also a significant 17.1% upturn when compared to the $247.5 million garnered in November 2022.
This recent sports betting handle marks a significant stride in the Hawkeye State’s betting history. It’s the closest the state has come to matching its all-time high in overall wagering activity. Iowa’s highest monthly betting volume was reached in January 2022, when bettors collectively placed an unprecedented $303.3 million in wagers.
The overwhelming majority of the handle in Iowa stemmed from online bettors, who amassed $265.8 million in wagers. In contrast, bettors who visited brick-and-mortar retail locations accounted for $23.9 million in contributions to the overall Iowa sports betting volume.
Success of Iowa Bettors Spurs Revenue Declines
In November, Iowa witnessed a considerable 33.5% decline in revenue figures compared to the $21.2 million generated in October. Operators collectively generated a revenue of $14.1 million. The dip in revenue was attributed to consumers enjoying significantly higher payouts, resulting in a rise from $225.3 million in October to $275.6 million in November.
However, the November revenue marked a surge of 143.1% compared to the $5.8 million recorded during the same month last year.
Notably, the November 2022 figures were impacted by substantial multi-million-dollar winning bet payouts to US businessman Jim “Mattress Mack” McIngvale, contributing to the variance in revenue between the two years.
A breakdown of the total revenue reveals that online betting operations contributed a total of $12.6 million. Retail locations collectively accounted for $1.5 million in revenue.
FanDuel Still the Iowa Market Leader in November
FanDuel, in collaboration with Diamond Jo Dubuque, maintained its dominant position as the frontrunner in the Iowa sports betting market throughout November. Together, they led the way with a total handle of $72.7 million in accumulated bets, culminating in a revenue generation of $3.5 million.
DraftKings and the Wild Rose in Jefferson secured the second position, boasting a handle of $45.5 million and yielding a revenue of $1.9 million. Meanwhile, another DraftKings collaboration with Wild Rose in Emmetsburg clinched the third spot, closing the month with a betting handle of $28.7 million and generating a revenue of $1.6 million.
Among the trio of DraftKings partners, Wild Rose in Clinton emerged as a better performer than its Emmetsburg counterpart, boasting a handle of $33.7 million. However, the location achieved slightly lower revenue figures, totaling $1.59 million.
Iowa’s sports betting tax collection in November was reported as $954,195. Diamond Jo Dubuque and FanDuel led the charge by contributing $235,366 to the state’s coffers.
Among the key contributors, DraftKings’ trio comprising Wild Rose locations in Jefferson, Emmetsburg, and Clinton made substantial tax remittances, posting figures of $126,353, $107,772, and $107,044, respectively.
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