Iowa Sports Betting Handle Improves to $12.7 Million for June
Contents
Iowa saw its sports betting handle hit $12.7 million, generating $620k for June. The Hawkeye State has seen a 710 percent increase from the April betting handle when the state hit an all-time low of $1.6 million due to the peak of the coronavirus outbreak.
Iowa’s sports betting handle is still down for the $58 million it was generating in January. However, sportsbooks across the state are happy to see the slow increase as major sports begin to return to action.
Iowa sportsbooks should see steady growth over the next few months. The NBA and MLB return July 23, and the NHL will restart August 1. The return of major U.S. sports will help continue to increase revenue for sportsbooks while the country continues to grapple with the pancemic.
Iowa Sports Betting Breakdown.
| Month | Handle | Revenue | Taxes |
|---|---|---|---|
| January 2020 | $58,027,141 | $3,234,794 | $218,349 |
| February 2020 | $56,920,783 | $755,334 | $50,985 |
| March 2020 | $19,576,985 | $1,171,164 | $79,171 |
| April 2020 | $1,568,497 | $150,331 | $9,502 |
| May 2020 | $6,976,637 | $501,062 | $32,111 |
| June 2020 | $12,711,201 | $620,740 | $42,033 |
| July 2020 | $22,859,622 | $2,244,012 | $151,919 |
Iowa brought saw $12.7 million being bet, generating $620k in sports betting revenue, and $42k in taxes. The overall numbers are still down from late 2019/early 2020 numbers, but the steady increase is encouraging for sportsbooks.
Handle, revenue, and taxes have been increasing for two months in a row now. The goal for sportsbooks is to see all the numbers increase again next month, especially as major U.S. sports return in July.
Praire Meadows Racetrack & Casino saw the largest handle in June as sports bettors were wagering a total of $4.5 million. William Hill is the sports betting partner for Praire Meadows. The Wild Rose Casino in Jefferson, Iowa, saw the next biggest handle at $2.4 million for June. DraftKings Sportsbook is the Wild Rose sports betting partner.
FanDuel sportsbook in Iowa only saw $214k wagered at their sportsbook. They have a partnership with Diamond Jo, who has locations in Dubuque and Worth, Iowa. A majority of the bets made were online. Iowa mobile betting also saw an $11.6 million handle for June, 91 percent of the total handle for the month.
The Iowa numbers show how vital mobile betting is for a state, especially during the pandemic. Iowans could place bets from home even if Casinos and sportsbooks were to close retail locations. Mobile betting helps the gaming industry bring in some money while the U.S. gets through the pandemic.
Can Iowa Expect Steady Returns?
Iowa should see an increase in revenue for July. Revenue projections for this month are still too early to tell. However, with a steady rise in sports betting from the last two months, July should be no different, especially with major U.S. sports returning.
The NBA and MLB return July 23 to its seasons, and the NHL is starting August 1. With multiple team sports returning, this should help sportsbooks even more as bettors will want to get in on the action.
July and August should see increases as long as leagues do not get shut down due to COVID-19. Also, the NFL is still on schedule to return in September. College Football is beginning to lean towards conference only schedules for the Fall, but the sports should return in September, as of writing this.
Sports betting numbers might not get back to normal until the pandemic is clear. Even though mobile betting is available in the Hawkeye State, people might not want to risk money on sports wagering in uncertain times. One positive thing for sportsbooks is that all four major sports should be playing at the same time for at least two months.
The situation is still not ideal for sportsbooks, but they are recovering from April lows. Now, sports bettors will have more popular options to wager on as major U.S. sports return. Revenue numbers might not be pretty for July, but they should continue to move in the right direction.
