Iowa sports betting revenue climbs in June

Iowa’s sports betting market recorded solid results for the month of June despite a slower sports calendar.

According to the latest report from the Iowa Racing and Gaming Commission (IRGC), bettors in the Hawkeye State wagered $111.2m on sporting events in June. 

June’s betting handle was down 3% on the $114.9m wagered in May, however, year-on-year handle was up significantly from the $12.7m wagered in June 2020.

Despite the slight dip in betting handle, sportsbook revenue surged to hit $8.4m. Iowa’s sports betting revenue was up 38% from the $6.1m generated in May 2021. Sports betting revenue in the Hawkeye State was also up significantly from the $620,740 generated in June 2020.

The IRGC report also revealed that sportsbook operators paid $568,502 in taxes to the state in June.

Online betting dominates

The state report revealed that online and mobile were the most popular way to bet in June with consumers wagering $95.3m via online or mobile sportsbooks. This in turn generated $6.4m in revenue after bookmakers paid out $88.7m in winnings.

The popularity of online betting can be attributed to the state’s decision to drop the in-person registration requirement for online sports betting in January. After the state’s betting market went live in August 2019, legislation required customers to create their online and mobile sportsbook accounts in-person at a casino sportsbook until January 2021.

For the 18 month period where in-person registration was required, sportsbooks in the state generated $60m. Now, in the five months since the rule expired, sportsbooks have generated just over $54.7m.

Land-based betting on the other hand accounted for $16m of the state’s total handle for the month. After paying out $14m in winnings, land-based sportsbooks held onto $2m in revenue.

William Hill dominates

When it comes to individual sportsbook operators, the William Hill brand continued to dominate the market after taking more than $32.6m in bets in June.  However, William Hill is partnered with four casinos in the state, giving the operator a significant advantage over its competitors.

William Hill is partnered with the Isle Bettendorf, Isle Waterloo, Lakeside, and Prairie Meadows facilities. These licensees reported a combined $1.3m in betting revenue for the month.

DraftKings and BetRivers, which are both partnered with Wild Rose Entertainment, followed close behind after the three Wild Rose facilities posted $31.5m in bets and $2.5m in revenue. DraftKings likely accounted for the majority of this, however, the reporting structure makes it impossible to tell. There are three Wild Rose Venues in the state, one in Clinton, Jefferson, and Emmetsburg.

FanDuel, which is partnered with Diamond Jo, followed with $15.2m in handle and $1.3m in revenue for the month.

BetMGM was the only other operator to surpass $10m in handle for the month. BetMGM, which is partnered with Diamond Jo Casino in Dubuque, took $11.4m in bets for the month and generated $1.3m in revenue.

Although the Dubuque casino hosts a land-based FanDuel sportsbook, BetMGM is the facility’s online partner.