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In February, the revenue from sports betting in Iowa saw a 14.3% increase compared to the previous year, reaching a total of $13.6 million. However, the monthly sum fell short by 38.5% compared to the $22.1 million generated in Iowa in January of this year.
The year-on-year growth is particularly significant considering the simultaneous decline that was observed in the retail sportsbook.
According to the Iowa Racing and Gaming Commission, the retail market in the state saw a loss of $215,242, which was driven by the Kansas City Chiefs maintaining their position as Super Bowl champions. The commission does not provide detailed breakdowns of Super Bowl betting figures, but it’s frequently observed in Iowa that there’s a surge in wagers when Kansas City wins.
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Iowa Handle Dropped by 15% in February
Regarding the handle, individuals participating in sports betting in Iowa placed bets totaling approximately $220.6 million throughout the month. This figure showcases an increase of 13.8% compared to the $193.9 million wagered during the same period last year. However, it represents a slight decline of 15.0% from January’s handle, which stood at $259.5 million.
Out of the total expenditure, a significant portion of $203.8 million were wagers placed through online platforms, while an additional $16.7 million was attributed to wagers made at physical retail sportsbooks situated throughout the state.
Iowa residents collectively received $206.6 million in winnings throughout the month, with the state reaping $936,744 in tax revenue from these gambling earnings. Hence, the total tax revenue collected in the first two months of 2024 amounts to $2.4 million, marking a significant increase of $559,700 compared to the corresponding period in the previous year.
FanDuel Iowa Maintains High Wings Amongst Competitors
FanDuel and Diamond Jo Dubuque continue to dominate the market in Iowa. In February, their collaborative efforts resulted in a substantial $4.6 million in revenue from a total of $56.5 million in wagers, affirming their status as the primary leaders in the state’s gambling industry.
In February, BetMGM emerged as the sole additional mobile bookmaker to exceed $1 million in revenue, outpacing this milestone by $110,600. This achievement was propelled by a 9.2% hold stemming from a $12 million handle. Meanwhile, Caesars nearly reached the seven-figure mark, falling short by only $185,000. This was achieved through a 3.5% win rate derived from a handle of $23.2 million by the end of February.
Following its launch in the Hawkeye State on Feb. 6, Fanatics Sportsbook boasted a 1.8% hold on a total of $4.2 million in wagers, ultimately retaining $75,400 from this sum.
SuperBook and Betway, the sole active mobile operators, both incurred remarkably similar losses. Bettors emerged $14,947 ahead of SuperBook with a handle of $245,900, while Betway paid out $14,793. READ MORE:
