The Iowa Racing and Gaming Commission has released its report on the state’s sports betting performance for July, revealing a significant increase in revenue. Iowa’s sports wagering revenue reached $11.1 million, marking a notable year-on-year surge of 57.7% and a month-on-month growth of 33.3%. Online sports betting contributed $10.1 million to the total revenue, while retail sportsbooks accounted for $1.1 million.
Revenue Growth and Betting Volume:
Although the monthly sports betting handle experienced a slight decline from June, Iowa witnessed substantial year-on-year growth. In July, players wagered $108.6 million, representing an 11.3% decrease from June’s figure of $122.4 million. However, the July betting volume displayed an impressive increase of 22.2% compared to the same period last year, when it amounted to $88.9 million.
Online vs. Retail Betting:
Online sports betting continued to dominate the market in July, with $98.4 million in wagers placed through digital platforms. Retail sportsbooks accounted for the remaining $10.2 million of total bets.
Top Performers:
Diamond Jo in Dubuque, featuring the FanDuel sportsbook, emerged as the leading revenue generator, raking in $2.6 million. Additionally, Diamond Jo had the highest betting volume in the state, with a handle of $26.6 million. Wild Rose in Jefferson, in partnership with DraftKings, secured the second position, reporting $1.1 million in revenue and a handle of $12.5 million. Grand Falls Casino Resort and Betfred ranked third with $1.1 million in revenue, despite having a relatively modest handle of $2.3 million.
Tax Revenue and Economic Impact:
The regulated sports betting activity in Iowa during June resulted in $754,292 in tax revenue. The success of the state’s sports betting industry not only generates tax income but also has a positive economic impact by attracting more visitors and enhancing overall tourism experiences.
Iowa’s sports betting market experienced significant growth in July, with revenue reaching $11.2 million. The year-on-year increase of 57.7% highlights the rising popularity of sports wagering in the state. While the monthly handle saw a slight decline, Iowa remains a vibrant market for both online and retail betting. The strong performance of Diamond Jo in Dubuque, Wild Rose in Jefferson, and Grand Falls Casino Resort demonstrates the competitiveness of the industry. With the tax revenue generated and the overall economic benefits, Iowa’s regulated sports betting market continues to contribute to the state’s financial well-being and create exciting opportunities for both operators and bettors alike.