Iowa sports betting handle rebounds to $108.4m in August

Iowa’s sports betting market saw betting handle rebound in the month of August.

According to the latest figures from the Iowa Racing and Gaming Commission (IRGC), bettors in the state wagered $108.4m on sporting events in August.

Iowa’s sports betting handle in August marked a significant month-on-month increase on the $88.9m wagered in July.

The majority of the state’s handle in August came from online operators after bettors wagered $96m on sports via online sportsbooks. The remaining $12.4m was wagered in-person at land-based casino sportsbooks in the state.

When it came to revenue, operators in the state generated a combined $6.6m from sports betting operations in August. This was slightly down from the $7.1m generated in July 2021.

The state of Iowa ultimately received $486,608 in tax revenue for the month. For the first eight months of the year, the state has received $4.7m in tax revenue from operators in the state.

How did Iowa’s online operators perform?

Despite the rebranding of the William Hill sportsbook to Caesars Sportsbook, the sportsbook has maintained its top spot in the state.

In August, the rebranded Caesars Sportsbook took $34.8m in bets for the month of August, accounting for 36.3% of the state’s total handle for the month. However, customers almost broke even, leaving the operator with $230,000 in revenue.

DraftKings followed in second place after processing $29.9m in bets which left the operator with $2.3m, the highest revenue figure among Iowa’s sportsbooks in August.

FanDuel rounded out the top three when it comes to handle after processing $14.1m in bets and generating $1m in revenue.

BetMGM followed in fourth place after taking $8.4m in bets and holding onto $508,570.

PointsBet took the fifth spot in the state last month after generating $283,000 in revenue from $2.8m in wagers.

What about the state’s land-based operators?

Land-based sportsbooks in the state processed $12.3m in bets and managed to generate $1.9m in revenue.

Iowa’s top three land-based sportsbooks generated a combined $1.2m in sports betting revenue for the month from $8.5m in wagers.

The sportsbook at the Ameristar casino processed $3.6m in bets and held onto $643,585 in revenue. The Horseshoe casinos in Council Bluffs followed with $1.6m in bets and held onto $335,489.

Meanwhile, the casino sportsbook at Diamond Jo in Worth processed $3.4m in bets and generated $246,324 in revenue.

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.

More operators are expected to enter the market in the coming months, including Fubo Gaming’s soon-to-launch sportsbook product. Fubo will enter the market via an agreement with Casino Queen.