Iowa’s sports betting industry continues its remarkable growth trajectory, reporting a significant increase in its September handle, further solidifying its status as a thriving market. According to the Iowa Racing and Gaming Commission, the sports betting handle for September soared to $245.8 million, marking an impressive 22.8% year-on-year growth when compared to September 2022, which had a handle of $200.2 million. The momentum was also evident from the fact that this handle was a remarkable 74.1% higher than the preceding month, August 2023, which stood at $141.2 million.
Online Dominance
Online sports betting remains a dominant force in Iowa’s wagering landscape, with the majority of bets being placed via digital platforms. In September, approximately $222.3 million was wagered online, signifying the convenience and popularity of digital sportsbooks among Iowa’s bettors. The remaining $23.4 million was placed with retail sportsbooks, showing a more substantial preference for online betting.
Revenue Metrics
Despite the impressive increase in the betting handle, the revenue generated in September slightly declined by 5.1% when compared to September 2023, totaling $24.1 million. Nevertheless, this dip must be viewed in the context of a significant increase when compared to August 2023’s revenue of $13.5 million, demonstrating the resilience of the Iowa sports betting market. Within the revenue figures, online sports betting accounted for $20.9 million, while retail wagering contributed $3.1 million to the total.
Tax Contributions and Player Winnings
Iowa’s sports betting market also made a valuable tax contribution, with $1.6 million generated in sports betting tax for the month of August. This underlines the positive economic impact of regulated sports betting. On the other side, players had their share of success, winning a total of $221.7 million.
Top Performers
Several key players in the Iowa sports betting landscape delivered noteworthy results in September. Diamond Jo in Dubuque, in partnership with FanDuel, reported revenue of $6 million from a sports betting handle of $52.6 million. Wild Rose in Jefferson, teamed up with DraftKings, followed closely with $3.4 million in revenue from bets totaling $42 million.
Other notable performers included Wild Rose in Clinton (also partnered with DraftKings), reporting $2.8 million in revenue from a $31.7 million sports betting handle. Wild Rose in Emmetsburg, another DraftKings partner, secured $2.6 million from $26 million in bets. Finally, Diamond Jo in Worth, which also collaborated with DraftKings, reported $2.6 million in revenue from a handle of $21.7 million.
Iowa’s sports betting industry continues to impress with robust growth figures. The surge in the September handle, online betting dominance, substantial revenue, tax contributions, and player winnings all highlight the positive and thriving state of sports betting in Iowa. As it enters the final quarter of 2023, the Hawkeye State’s sports betting market shows no signs of slowing down.