Iowa’s sports betting landscape witnessed a dynamic month in February. The state’s total sports betting handle amounted to $193.9 million, though this figure marked a 10.2% decrease from the same month in 2022. Furthermore, it saw a 17.1% decline compared to the robust $233.9 million wagered in January of the same year. The breakdown of these numbers reveals interesting insights into the state’s sports betting activity.
Handle Distribution:
Online Betting: The digital realm continued to dominate, with an impressive $176.2 million spent on online sports betting platforms.
Retail Sportsbooks: Retail sportsbooks contributed $17.7 million to the overall handle.
Revenue Growth and Fluctuations:
Revenue: The revenue from sports betting in Iowa reached $11.9 million in February, showing substantial growth of 39.4% compared to the same month in 2022 when it stood at $8.6 million. However, it was noteworthy that this revenue marked a 27.9% decrease from the higher figure of $16.5 million recorded in January 2023.
Online vs. Retail: Online betting generated $12.5 million in revenue, showcasing its prominence in the market. However, a loss of $597,728 from retail betting did contribute to a slight dip in the overall revenue compared to the previous month.
Leading Market Performers:
Diamond Jo in Dubuque: This establishment, in partnership with FanDuel sportsbook, continued to lead the market, reporting an impressive $4.5 million in revenue from $44 million in wagers.
Wild Rose in Jefferson: Another standout performer was Wild Rose in Jefferson, in collaboration with DraftKings, recording revenue of $1.9 million with a handle of $32 million.
Wild Rose Clinton: The sister property of Wild Rose in Clinton, also partnered with DraftKings, registered $1.7 million in revenue from $25.1 million in wagers.
Contributions to State Coffers:
The sports betting tax collected for the month amounted to $789,626, reflecting the financial contribution that the industry makes to the state’s coffers.
Casino Queen’s Land Move Approval:
In other noteworthy news, Casino Queen Marquette, one of Iowa’s riverboat casinos, received approval from the Iowa Racing and Gaming Commission to move from its current location on the Mississippi River to land. This development signifies progress for The Queen Casino & Entertainment, as it prepares to shift its 17,000-square-foot gambling floor ashore, including over 400 slot machines, blackjack tables, and various other table games.
While Iowa’s sports betting handle experienced a slight dip in February, its revenue continued to grow year-on-year, underlining the resilience and potential of the state’s sports betting market. The landscape remains dynamic, with key players like Diamond Jo, Wild Rose, and DraftKings contributing significantly to the sector’s success. Additionally, Casino Queen’s land move approval heralds a new chapter in Iowa’s gaming industry.