Breaking Down The Numbers
Back in February of 2020, Iowa brought in $6.9m for sports betting revenue. Just this past February, they brought in $7.7m. Online betting brought in $6m in revenue, and retail had $1.7m. Online betting continues to reign king in states that allow it. February was down in comparison to January, but that was to be expected with four weeks of NFL Playoffs. January had a 31.8% increase over February. Those in Iowa wagered $143 million in February, falling just short of the $149 in January. Operators paid over $500,000 in sports wagering tax.
The Sportsbooks Succeeding In Iowa
William Hill posted big numbers in February, as they had a leading $1.4m in revenue. They also had a handle of $16.9m. They are partnered with Penn National Gaming’s Prairie Meadows Racetrack and Casino. The second was Diamond Jo Casino in Dubuque. The sportsbook connected is FanDuel, which had a state-high handle of $21.4m. Their competitor, DraftKings, who partner with Wild Rose Casino, came in third with under $1m in revenue but did have a handle of $19m. It is no surprise to see William hill posting such strong numbers, given they have six hotel partners, including Isle Waterloo, who took $21.8m in bets, which was a state-high.
Iowa has now become the 7th state to hit the $1b in handle mark and has made over $5m in state taxes. The operators have made nearly $80 million in revenue as well. Iowa launched in August of 2019, which was shortly after the federal ban had ended.
What’s Next For Iowa?
Iowa is a big college sports state, and right now, March Madness is on deck. Iowa is headed for the big dance, as they are currently 20-7 and 14-6 in conference play. Iowa State, on the other hand, is not going to be in the NCAA Tournament, with a 2-21 season at the moment and 0-18 in conference play. Either way, March Madness should have operators continuing to have strong handles. Baseball will also be starting up soon, with many in the state having a focus on the Royals and Cubs, but other midwest teams also claim the interest of many.
Not every sport allows college sports betting, and some limit to no in-state college betting. Iowa doesn’t have any restrictions outside of no live-betting, which means after a game starts, there is no more wagering allowed. Other sports are allowed for live-betting. There are also no prop bets, which are all standard throughout the country. Look for March numbers to have strong numbers again with the NCAA Tournament starting soon, as well as the Big 10 tournament.