Iowa betting handle hits record $210.4m in September

The state of Iowa posted a new monthly record for sports betting handle in September but saw sportsbook revenue hit its slowest figure this year.

According to the latest report from the Iowa Racing and Gaming Commission (IRGC) bettors in the Hawkeye State wagered $210.4m on sporting events in September 2021.

Mobile betting accounted for $186.5m of the state’s total betting handle in September while land-based betting made up the remaining $23.9m.

September’s handle was almost double the $108.4m wagered in August and managed to shatter the state’s previous record of $161.4m from March. 

Handle for the month also managed to help the state pass the $1bn mark for total 2021 sports betting handle.

Although the Hawkeye State set a new record for betting handle, operators were unable to capitalise on the surge in betting activity.

Sportsbook operators in the state of Iowa managed to generate $5.7m in revenue in September, representing the state’s lowest revenue figure for the year of 2021.

Meanwhile, the state collected $512,951 in tax revenue for the month of September, bringing the total tax revenue for 2021 in Iowa up to $5.2m.

Online sports betting performance

September’s mobile betting handle amounted to $186.5m, beating the previous monthly mobile handle record of $139.4m from March. Online sports betting accounted for just $1.5m of the state’s total revenue.

Caesars took the top spot in September after bettors wagered just over $66.5m on sports via the online sportsbook. Despite accounting for a significant chunk of the state’s mobile handle, the online sportsbook generated just $749 in revenue for the month.

DraftKings followed with bettors wagering $64.8m via the online sportsbook, but made a loss of $1.9m for the month of September. This marked the first losing month for DraftKings since it launched in the state in February 2020.

FanDuel followed in third place with $27m in bets and $1.8m in revenue. FanDuel accounted for most of the state’s mobile revenue in September.

BetMGM followed behind with $12.3m in bets and a revenue of $488,294 while Unibet generated $34,659 from $516,336 in bets.

Land-based casinos boost state performance

According to the state report, Iowa’s 19 casinos managed to generate $4.2m in revenue from $23.9m in bets.

Diamond Jo Worth became the first land-based sportsbook in Iowa to pass the $1m mark for monthly revenue after generated just over $1m from $5.4m in bets.

The Ameristar Casino in Council Bluffs followed with $989,617 in revenue from just over $6m in bets.

The Horseshoe Casino in Council Bluffs set a monthly record for revenue at $641,594.

Sports betting in Iowa

Iowa launched sports betting in August 2019, however, the state law required bettors to register their online sportsbook accounts in person at one of the state’s land-based casinos.

The in-person registration requirement came to an end on 1 January 2021, allowing bettors to register online betting accounts from anywhere within the state and allowing online-only operators to enter the state.